Dow Jones holds below 28160 lower highs carved on August 11 2020
Dow Jones has held below the lower high carved at 28160 on August 11, 2020; while SPX500 inched higher. This phenomenon is also a type of divergence, indicating potential reversal ahead. Dow Jones should break below 26000 initial support to confirm a top in place at 28160, which is also potential Wave (2) termination at a larger degree. The earlier drop between 29600 through 18200 is Wave (1), which has been retraced through fibonacci 0.88 levels around 28160 mark. We maintain bearish stance against 29600 levels.
Remain short, stop @ 29600, target @ open
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.
Remain short, stop @ 29600, target @ open
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.