Expect Correction Before Upside Trend Resumes
We have a similar situation in the Dow Jones as we find in the S&P 500. Any potential version of wave iv° looks too short to be complete right now. Moreover a closer look at wave ii° shows that we should expect wave iv° to be relatively shallow and complex due to alternation guidelines. We forecast an irregular flat pattern to form wave iv°.
We expect the entire correction to be between the 23.6% and 38.2% fibonacci levels of wave iii°. This means a 2%-3% drop before the uptrend is resumed. For the moment we let the market do its work and let wave action play out.
We expect the entire correction to be between the 23.6% and 38.2% fibonacci levels of wave iii°. This means a 2%-3% drop before the uptrend is resumed. For the moment we let the market do its work and let wave action play out.
Order cancelled:
The irregular flat proved invalid with today's new high