Dow Jones Bearish Wedge Breakdown and Failed Backtest
The Dow Jones futures, much like the NASDAQ and S&P 500 futures has formed a bearish rising wedge from the March lows. Last Thursday's bloody drawdown broke the index out of this structure, after which it tried to recapture it, which then failed, and a subsequent backtest looks to have failed now as well. This is in keeping with the other major indexes.
Any forthcoming selling from this point spells serious trouble. I am seeing rising similar patterns everywhere at this point.
Any forthcoming selling from this point spells serious trouble. I am seeing rising similar patterns everywhere at this point.
Nota
I have a long-term Dow chart showing a megaphone pattern, but I have reached the maximum 10 ideas per day limit enforced by Tradingview, so I will publish it tomorrow.
Aviso legal
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Aviso legal
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.