- May 24, 2022
- Posted by: Tradingshot Articles
- Category: Stock Indices
Dow Jones (DJI) has been trading within a Channel Down throughout this whole 2022 correction. Friday’s low along with the 1D RSI sequence, resemble the bottom fractal of the last Lower Low within the Channel Down on March 08. The index rebounded to just above the 0.618 Fibonacci retracement level at the time to price the Lower High. Currently the 0.618 Fib is around 33670. That is our target on a 1 month horizon, unless Friday’s low breaks, in which case we will sell hedge it to the -0.236 Fib extension at 29500.