Dow has broken and stay above its multiyear downtrend for 2nd days. The breakup is confirmed. Next level target? The strongest is where fibo 38 and MA200 met at 1915 region. Of course 1900 will be round number pychology barrier but weak one.
Indicator: Daily stochastic is showing overbought. Personally i am expecting any retracement near term will be mild one. MACD crossever stay very firmly above middle line means very bullish and heading up. MA near term is heading. Thus, near term the price will anticipate uptrend. However MA200 has not u turn yet. Do Note during previous bull run, twice down touches ma200 and went higher. During this bear run, Wave B touches ma200 and didn't break through. Wheather dow is turning from bear to bull or continues its journey of Wave E for big plunge will look at ma 200 resistance.. so near term, another 500 points rooms for Dow to cheong!!!
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