DOW JONES: Two Channel Up patterns in progress.

Dow Jones is mostly neutral on the 4H timeframe due to the slow price action of the past 10 days but remains bullish long term on the 1D timeframe (RSI = 64.809, MACD = 269.290, ADX = 67.751) as the Channel Up is intact following the Golden Cross.

In fact, if the 4H MA50 continues to support (has been doing so for almost 1 month since March 24th), we see the potential for a new Channel Up to emerge as shown by the dashed lines. This can take the price straight to R3 (TP = 35,800). If the 4H MA50 fails to hold, we will sell short term to the 1D MA50/4H MA200 range (TP = 33,200) and then buy for a less aggressive target on R1 and the top of the March Channel Up (TP = 34,600).



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