This hourly chart has the last 6 months of data, and I believe we are looking at another gap close and thus another drop.
We hit an unconfirmed triple top about a month ago, which can explain some of the strong selling from this past week. I blame the worsening negotiations with China and Mexico over trade. Thus, I don't think this will drop to the trend line as it's mostly FUD. The economic numbers still look good and that's what is driving the bullishness.
The DOW has a pretty consistent habit of closing the gaps that were created during the uptrend, so it is a good signal of future and current drops. I drew the last 4 gap closings, and the potential one we could be approaching. For those looking to "buy the dip", this should tell you to hold on to your cash a bit longer. Making money is way harder than just keeping it on the sidelines.
Good luck, and happy trading!
We hit an unconfirmed triple top about a month ago, which can explain some of the strong selling from this past week. I blame the worsening negotiations with China and Mexico over trade. Thus, I don't think this will drop to the trend line as it's mostly FUD. The economic numbers still look good and that's what is driving the bullishness.
The DOW has a pretty consistent habit of closing the gaps that were created during the uptrend, so it is a good signal of future and current drops. I drew the last 4 gap closings, and the potential one we could be approaching. For those looking to "buy the dip", this should tell you to hold on to your cash a bit longer. Making money is way harder than just keeping it on the sidelines.
Good luck, and happy trading!
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