This is a chart we've looked into in the recent past for Dow Jones (DJI) but amidst the recent uncertainty, we think it is necessary to refresh in order to keep things into a longer term perspective.
The time-frame is the 1W (weekly) where Dow is seen forming an Arc pattern on the 1W MA50 (blue trend-line), which since the 2009 housing crisis bottom, has formed every time it corrected on the 1W MA200 (orange trend-line) and rebounded (excluding of course the March 2020 COVID crash). On both of these occasions, this Arc pattern was an Accumulation Phase before a new multi-year rally.
The 1W RSI is also on a familiar pattern with those prior fractals, forming an Arc construct on a Lower Highs trend-line. Is this the final accumulation before Dow starts a new multi-year rally?
hopium! no one is buy this. As banks collapse, interest rates continue to climb, and massive layoffs continue
WeAreSat0shi
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Fully Agreed. i'm putting a chart here to make some confluence. Thanks for everything you do brother. Both the S&P and the Dow broke out of Bull flags with the dow having a bullish engulphing monthly back in October.
basictradingtv
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yes, looks very bullish in my opinion!
Radiologyfinance
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@basictradingtv The market in higher timefrate is very bullish, that is magic of the chart.