New Exciting Thrilling All Time Highs in the Dow Jones Today
Wed, Jul 12, 2:31 PM ET, by Corey Rosenbloom
We couldn’t be more excited! Let’s celebrate the New All-Time, Never-before-seen, Highs in the Dow Jones Industrial Average!!!
Before we get too bullish and excited, let’s take a look at the prior three new all-time highs and update a new Fibonacci Retracement Grid:
The Dow Jones carved out two prior “New All-Time Exciting Highs” before today’s event.
The key reference level is the simple 21,500 pivot from which we’ll craft bullish (above) or bearish (beneath) short-term strategies.
We often look to trade the Departure from key levels like this – and that’s our ongoing plan.
On the prior two highs, price returned within the sideways trading range at the high and pulled back at least to the 23.6% Fibonacci Pivot near 21,350.
Until proven otherwise, we’re still within a short-term sideways trading range at the highs.
Continue referencing this grid until we get an actual break-and-impulse above 2,1,500 or beneath 21,200.
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
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