The Dow Jones index has made yet another high at 24860 levels before pulling back, which could be a potential top for the down trend to resume further. Please note that Dow Jones pulled back close to the down trend line passing through around 25150 levels and just ahead of fibonacci 0.786 resistance at 25100 levels respectively. This might not be a confirmed bearish reversal though but potential remains for bears to take control from here. Looking at the wave structure, after having produced an impulse wave lower Wave (1), followed by a flat corrective Wave (2), the Dow Jones might be unfolding Wave (3) lower and might have completed waves i and ii at 21800 and 24860 levels respectively. If the above structure holds, we could see much lower levels going forward. Please note that 26000 levels needs to hold for bearish structure to build on from here.
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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.