Dow Jones Wave (1) lower complete ?
The Dow Jones Industrial Average dropped by almost 2% yesterday, towards 24800 levels, before pulling back sharply. It is seen to be trading around 25200 levels at this point in writing and might have possibly terminated its impulse drop (5 waves) from 26930/50 levels. As an alternate count, wave v could be unfolding as a diagonal, and terminate below 24800 levels before producing a meaningful corrective rally. Please note that is prices manage to push above 25600 levels, which is immediate price resistance, it could confirm that a meaningful bottom is in place around 24800 levels. Overall, the bearish impulse is either complete at 24800 levels, or is very close to completing and hence we are changing our stand from bearish to neutral for now.
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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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