Short
Dow Jones progressing in Wave C rally towards 25200/300 levels
Dow Jones is finally progressing towards 25200/300 levels to terminate Wave C, within the corrective A-B-C rally that had begun since 18200 levels in March 2020. After days of speculation over Wave (C)/(2) termination around 24897 levels, the counts are clearly indicating a push through fibonacci 0.618 retracement at 25300 handle. Structurally, Dow Jones is carving a classic Elliott Wave Pattern 5-3 (5 down and 3 up, in this case), and is expected to complete around 25300. Ideally, a 5-3 structure is followed by another 5 waves movement towards the major trend, which is down. If the above counts are correct, Dow Jones is preparing to resume lower below 18200 handle in the next big move. Immediate resistance is seen towards 27000 handle.
Strategy:
Short against 27200 (ideally 29600), targeting below 18200.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Short against 27200 (ideally 29600), targeting below 18200.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
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.