Dow Jones tops at 26000 levels?
The Dow Jones Industrial average rose up to 26000 levels yesterday, before reversing lower. The indice is seen to be trading at 25830 levels at this point in writing (spot) and it might have topped out yesterday. Looking into the wave structure, Wave (2) of higher degree is being worked out as a potential flat or triangle. We had discussed earlier that if prices fail to break below 24100 levels, we could see a sharp rally that could test 26300 levels before reversing lower again. Now, it seems that Dow has hit the minimum expectations at 26000 levels and possibly reverse from here. If the above wave structure holds to be true, we could see a bearish reversal from here or around 26300 levels going forward. It is a safe trading strategy to remain short or open fresh short positions with a risk above 26950 levels and potential targets below 23000 levels respectively.
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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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