Dow Jones Major Resistance Area
During a correction, there is usually a second chance to get in a good short position. Elliott wave correction is considered a B wave up. This is a good move to destroy bottom shorter and convert them to become bulls to cover their shorts, creating a huge pump up. This is also a good opportunity to bull trap a lot of people as well. If and when we make the C wave down, a lot of people are going to lose money thinking the correction is over. The 0.618 fib area is not only the key area to watch out, it also where a moving average is currently at. The price can still overextend to the .70 or even create a double top, who knows. Even if the correction is over and we don't get a C wave down, expect a rejection at this area for a quick profit. That's if we can make it up to this level, if not, watch out for the 0.50 area as well
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