Believe it or not Dow Jones has hit the spot we have been waiting and anticipating since last several trading sessions now. Please note that the indice has hit convergence points of trend line resistance and the fibonacci 0.786 levels at 25100 levels and produce a bearish reaction on smaller timeframes. It is yet to produce a bearish signal confirmation on the daily chart but potential remains high in the next 1-2 trading sessions. Looking at the wave structure, a higher degree Wave (1) and (2) seem to be already in place at 24200 and 26000 levels respectively. A lower degree wave i and ii might be already in place now at 21800 and 25100 levels respectively. If the above counts hold, prices should stay below 26000 levels and a rapid wave iii of (3) should unfold taking prices below 21000 levels going forward.
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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.