Dow Jones interim bottom forms at 24430 levels ?
Dow Jones Industrial Average might have completed an impulse (5 Waves) drop from 26950 highs through 24430 lows. We had presented on Friday that a meaningful bottom might be in place around 24500 levels but the indice dropped lower towards 24430/40 levels before pulling back sharply. Looking at the wave structure, a potential Wave (1) or (A), could be complete at 24430/40 levels and a corrective rally could be more probable now. Please also note that the subsequent should be corrective and that a much deeper drop is expected in Dow Jones, once the correction is over. Potential termination of the corrective rally could be close to 25,800 levels, before the drop resumes.
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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.
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