Dow Jones might have terminated its counter trend rally around 27580, Wave (2) here. Please note the fibonacci 0.618 extension for Wave (2) termination was seen around 26852 but the indice rallied a bit higher before reversing sharply. For the above structure to hold, prices should stay below 27580 levels, going forward.The lower degree potential wave counts are as follows: The drop from 27580 towards 24843 between 08 June and 15 June is am impulse. The corrective rally towards 26611 might be complete or could be re-tested. If the above is correct, Dow Jones is setting up for a sharp reversal towards 20410 in the short term. This remains valid until 27580 holds. We favor short positions against 27580 in the short term.
Short now, Stop @ 27580, target @ 20410
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Short now, Stop @ 27580, target @ 20410
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.