DJI approaching heaving daily resistance at .618 fibonacci level

23 בינו׳ 2019

Looking at the daily chart we can see we are approaching resistances being confirmed by multiple indicators. In the rectangle highlighted, we are approaching the bottom of the ichimoku cloud for a test. This is coinciding perfectingly with the 200 period MA and .618 fib level from the all time high to most recent swing low. on January 18th we had an increase of volume from the previous bar, and a decrease in market facilitation index. Bill Williams Would call this a "squat" and a potential reversal signal. It also appears we may be forming a fractal from January 18th, but we must close first. There is a good chance that January 18th was the test. In this case we are already reversing, and maybe will see a long wick test the resistance a bit closer as this would keep the potential fractal intact.

Looking on the higher time frames, we are overdue for a correction. This could likely be the start of the new bear market. We will get a better idea over the next week.

This is only an idea, and not intended to be used as financial advice

25 בינו׳ 2019

הערה

fractal confirmed. Past two days have been doji candles, clear indecision in the market. With sentiment where it is right now, I'm anticipating a sharp move in price in either direction in the near future.