Dow Jones ready to drop below 21400 levels now?
The Dow Jones is progressing well into its Wave (3) at a higher degree as labelled here. Within the 3rd wave, a lower degree wave iv was unfolding last week and we had discussed the possibility of its termination around 23200/300 levels. Last Friday, Dow Jones managed to hit 23365 levels intraday and closed around 23000 levels as seen on the chart displayed here. It could be a potential wave iv termination and prices could resume lower from here below 21400 levels. If the above structure holds true, prices should remain below 23370 levels and bears in control from here on. Once Wave (3) is terminated lower, it would be interesting to see if Dow Jones turns higher again. At least for now, the bearish pressure remains against 24000 levels.
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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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