Dow futures idea for short and medium term

2022년 1월 22일

On a daily chart, DOW has closed below 200 MA which calls for a bearish sign. However, there is still some support for the rising wedge.

The trendline has broken very strongly on weekly.

I think we are close to a halfway mark on correction; possibly 4-5% is still left to go. After that, we should see some possible reversal due to the confluence of:

• 
  - reaching 23.6% on Fibonacci level;
  - support at the megaphone pattern;
  - the target of the wedge would be met; and
  - most of the big tech stock would also be at support.