DJIA has been trading within a Channel Up since the U.S. elections last November. However since the May 10 Top, it has been trading under Lower Highs and Lower Lows which are the characteristics of a Channel Down.
Last time we had such pattern was the sequence before the U.S. elections, which turned out to be a giant Bullish Flag. The 1D RSI has bounced off the 1 year Support Zone, same as late October prior to the elections. Can this be a similar Bullish Flag? If yes then Dow Jones will aim at the 1.382 - 1.5 Fibonacci Zone.
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Very interesting thought! If this happens, then Bitcoin will begin to grow! Because Bitcoin is now looking at the stock market and, for example, exactly repeats the SP 500 pattern, which is now at the upper edge of the wedge.