Short
Dow Jones preparing to reverse sharply lower from 25200/300
Dow Jones continues to baffle traders after dropping to sub 23000 levels last week and then rallying over 1500 points in the next 3 trading sessions. The indice managed to test previous swing highs at 24842 yesterday before pulling back. Believe it or not, the counts are very clear now as labelled on the chart here; Wave C is progressing since sub 23000 lows and is expected to terminate around 25200/300 handle. This is also accompanied by fibonacci 0.618 retracement of the entire drop, Wave (1) on the chart here. The larger degree structure is carving a classic 5-3 Elliott Wave pattern with 5 waves down towards 18200, followed by 3 waves up towards 25200 respectively. Overall, Dow Jones remains bearish until prices stay below 29600, going forward. The downside targets are pointing towards 13000 mark.
Strategy:
Short against 27300 (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 27300 (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.