The Dow Jones turned bearish yesterday, indicating that a meaningful top could be in place at 24860 levels, but be prepared for yet another high around 25100 levels as well. Kindly note that a major price resistance is seen at 26000 levels, which is potential Wave (2) termination as labelled on the chart view here, and prices should ideally stay below that, to keep the bearish structure intact. Also note that a resistance trend line is passing close to 25000 levels, which is converging with fibonacci 0.786 resistance of the drop between 26000 and 21800 levels respectively. Believe it or not, the 24860 to 25100 region could prove to be a strong resistance zone and a bearish reversal cannot be ruled out.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.