Short Term buy on Dow Jones
Looking to take a short term buy on US 30 when price retests the 33489.49 level of support. Price has broken out of the descending trendline and given us a pullback as well which shows that this a strong buy. Furthermore, we are still forming our 3rd primary wave of C in the cycle and the 3rd Elliot Wave is always the longest and most violent, so this increases the probability of buyers entering the market strongly.
However, please note that I am still bearish on the market overall and I do believe we will see a recession by August/Towards the end of this year, but I still have to follow my strategy and if I am given a buy signal from my strategy with a good Risk to Reward, I will still take it.
Take profit - 34717.29
Invalidation level - 4th Minute wave of 3rd Minor wave.
However, please note that I am still bearish on the market overall and I do believe we will see a recession by August/Towards the end of this year, but I still have to follow my strategy and if I am given a buy signal from my strategy with a good Risk to Reward, I will still take it.
Take profit - 34717.29
Invalidation level - 4th Minute wave of 3rd Minor wave.
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