The Dow Jones indice has rallied past our estimated price around 25100/300 by less than a percent. It is seen to be trading around 25390 levels in the spot market, and till the time prices stay below 26000 mark, the bearish structure remains intact. The wave structure is still suggesting that a potential 3rd of 3rd wave lower might be coming soon. The indice has earlier dropped 5 waves between 26950 and 24100 levels, labelled as Wave (1). This was followed by a flat corrective Wave (2) that got terminated at 26000 levels. The subsequent drop could be a lower degree wave i that terminated at 21700, followed by wave ii which is being terminated around the 25400 mark around this time. If the above structure holds true, we can expect the lower degree wave iii to drop lower as wave(3) unfolds. Bottomline is that prices should remain below 26000 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.