Dow Jones (Spot) might have carved a lower top around 26200/300
Dow Jones (Spot) might have hit resistance yesterday around 26200/300 levels before pulling back. Please note that Dow Futures is down towards 26000 levels, as we prepare to publish this article update. The indice had enough room to test 26800 levels and carve a Wave 2 flat, before reversing lower but it seems we are heading lower from here. Having said that, we are still not completely ruling out the probability of a test at 26700/800 before reversing. Looking at the counterpart SPX500 price action, the indice seems to have completed a flat Wave 2 around 3180 yesterday. Overall, Dow Jones should be heading lower against 29600 resistance.
Remain short, stop @ 28000 (ideally 29600), target @ 22800 for the short term and below 18200 medium term
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.
Remain short, stop @ 28000 (ideally 29600), target @ 22800 for the short term and below 18200 medium term
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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