Short
DOW JONES - Short Trade Idea - A Break Of The Lows Will Confirm
Further to my previous video idea which I have linked down below.
The pattern since the top doesn't quite seem to fit what I would call a correction.
Instead what I am seeing is an expanding leading diagonal with a Wave 2 which expanded to the downside still came back up to retest the break of the Wave 2 -> Wave 4 trend-line from the previous Wave (C) and immediately rejected these levels.
To confirm this view need to see a break of the magenta line start of Wave E at around 30,057. This will confirm that it really is a Wave E.
On the daily chart we have an Evening Star candle pattern with a decent confirming candle.
Also on the daily chart we can also see a rounded top similar to the one we saw last February.
Entry: 30,057
Stop: 30,943
Target: TBA
Let's take it one step at a time. If we break the lows we can discuss targets.
Remember to use Disciplined Money Management Principles to ensure longevity as a trader.
The pattern since the top doesn't quite seem to fit what I would call a correction.
Instead what I am seeing is an expanding leading diagonal with a Wave 2 which expanded to the downside still came back up to retest the break of the Wave 2 -> Wave 4 trend-line from the previous Wave (C) and immediately rejected these levels.
To confirm this view need to see a break of the magenta line start of Wave E at around 30,057. This will confirm that it really is a Wave E.
On the daily chart we have an Evening Star candle pattern with a decent confirming candle.
Also on the daily chart we can also see a rounded top similar to the one we saw last February.
Entry: 30,057
Stop: 30,943
Target: TBA
Let's take it one step at a time. If we break the lows we can discuss targets.
Remember to use Disciplined Money Management Principles to ensure longevity as a trader.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.