Short
Dow Jones targets 25000 handle to terminate Wave (2)
Dow Jones continues to rally towards 25000/200 levels as anticipated over the last week. The indice is trading close to 24500 levels while we write this article and is expected to march higher. Earlier, Dow Jones had dropped lower from 29600 through 18200 levels sub dividing into 5 waves, Wave (1) on the chart. The counter trend rally since then has materialized as a zigzag and is expected to test 2500/200, the fibonacci 0.618 retracement of Wave (1), as the week progresses. We expect prices to hit the above zone either tomorrow or by Friday to mark potential Wave (2) termination. Expect a sharp Wave (3) reversal lower below 18000 handle, going forward. Immediate resistance is seen at 27100, while support is at 23000 levels respectively.
Strategy:
Short against 27200 (ideally 29600), targeting below 18000
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 18000
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.