Dow Jones to hold below resistance at 29600
Dow Jones has finally reversed after carving a lower high around 29200 over the last week. The indice has broken its immediate support at 27500 and should be looking to continue pushing lower. Any intraday rallies should remain well capped below 29200 mark and resume lower towards 25000, 23000 and beyond over the next several weeks. The larger degree wave structure is indicating that Waves (1) and (2) might be in place around 18200 and 29200 respectively. If the above is correct, Wave (3) has resumed lower and it should be sharp.
Remain short, stop @ 29600, target @ 25000 and 23000.
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Remain short, stop @ 29600, target @ 25000 and 23000.
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.
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