Dow Jones Update Monthly TF Sept Close

2022年10月1日

September is over so it's time to look at the charts from a high TF perspective.

The DJI took a beating this past month, suffering greater than the S&P & Nasdaq from a technical perspective.

Things to note:
- on Sept 13 broke & closed below the bear flag channel for first time since it formed off the June low
- set a LOWER low on Sept 23rd
- closed the monthly candlestick BELOW the 50EMA (last time was March 2020, where it ripped lower to bottom around the 100EMA afterwards)

Bull/relief rally target is the Golden Pocket FIB retracement & re-test of bear-flag support line @ 31K - 31.6k.

Bear targets:
- Bear-flag measured move target 27.7K
- Bear target #2 26.6K
- Bear target #3 25.7K
- My bottom target 24.7K ish , which coincides with the 100EMA, which was tested last in March 2020

I hadn't realized that my bottom target sat right above the 100EMA until last night, so that is an interesting point of confluence.

Now listen up folks, it is my belief that we are nearing a tradeable bottom (thinking end of Oct/early Nov) so it's time to be alert & ready.
With that being said, the final leg down is typically the most volatile so don't rush in & get your head blown off.

Cheers