DJI: Weekly Shooting Star Points to Potential Decline
$DJIA(.DJI)$ - Weekly Chart:
Usually bearish.
This weekly shooting star is a significant event, and as highlighted in yellow for previous cases it has been followed by a decline, which is something anticipated in the previous Weekly Compass: a touch to the higher Bollinger band before a decline to the lower one.
The annual level highlighted will be tested; that line is a good reference to stay bullish above it or bearish below it considering that oscillators are in reversal setup.
You know that the market had not declined, one of the reasons was that Dow Jones had not reached overbought levels.
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