DOWI: Toward a formation of a double top?
The ichimoku chart shows that DOWI will go a little bit on the upside, but indicators show that there isn't a lot of room left on the upside.
Tenkan Kijun twist may occur inside the cloud wich would announce a soft upside.
Having an eye on the Kumo cloud and particularly on the next days show that there is a twist and confirme a reversal, at least a correction on the downside in the coming days.
Therefore, if DOWI reaches 17080 or around on the upside, this may very much be a double top. This would then suggesgtthat the neck line is at 16333 and after a little upside correctio, the index may go down until 16000 or 15800.
Having said that, bare in mind that
1-FED didn't decide yet to increase its interest rate.
2- There is still cheap money in the market. Therefore, the correction process is a fact, but we are not yet in a Bear market although this may happen sooner or later.
Tenkan Kijun twist may occur inside the cloud wich would announce a soft upside.
Having an eye on the Kumo cloud and particularly on the next days show that there is a twist and confirme a reversal, at least a correction on the downside in the coming days.
Therefore, if DOWI reaches 17080 or around on the upside, this may very much be a double top. This would then suggesgtthat the neck line is at 16333 and after a little upside correctio, the index may go down until 16000 or 15800.
Having said that, bare in mind that
1-FED didn't decide yet to increase its interest rate.
2- There is still cheap money in the market. Therefore, the correction process is a fact, but we are not yet in a Bear market although this may happen sooner or later.
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