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Short

Dow Jones hits 25000/200 resistance zone

CURRENCYCOM:US30   Dow Jones Industrial Average Index
Dow Jones finally reaches the 25000 mark that we have been expecting since last several trading sessions. There could be another push towards 25200/300 mark before the we witness a bearish bounce. The rally from sub 23000 through 25000 would be seen as a potential resumption of an uptrend by many traders. Believe it or not, it is just an extension of the counter trend rally, that had begun from sub 18200 levels in March 2020. Wave C of the corrective rally seems to be completing around 25000/200 handle before Dow Jones could resume lower again. Immediate price resistance is seen towards 27100 and ideally Dow Jones is expected to stay below that. Overall, Dow Jones remains bearish until prices stay below 29600 resistance.

Strategy:

Short against 27300 (ideally 29600), targeting below 18000.

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Comments

Been following you closely since your trade ideas with US30 nearly aligns with my vision on what I think it’s doing and for the most part we’ve been nearly right on everything. Markets seem manipulated in my opinion, and I don’t think US30 / NAS100 should even be this high, do you think, US30 specifically, will retrace back to 18000 levels? I personally don’t see that happening again, as economies are slowly being opened... I do think there’s a reversal back to 23xxx levels coming soon tho.
+1 Reply
@1133bruce, Thank you for taking time to comment. Its less about what we think is going to happen and more about what counts are saying, this is my personal belief system. According to the counts, the drop seems incomplete and Dow Jones need to print below 18200 to complete even a zigzag corrective wave. It could be much deeper though. 25000 mark is not hit, the next big move lower ideally resumes soon. Have a great day!
+2 Reply
1133bruce ExclusiveMarkets
@ExclusiveMarkets thank you for your reply!! I am seeing that we are going to have a W or V-shaped recovery soon.No way is these indices going to recover all their loss with the economical state that we are still in. SO I believe another crash is inevitable... How soon do you think markets will crash again?
Reply
@1133bruce, Thank you for taking the time to comment. We might see a reversal as soon as today or tomorrow?? We run a complementary commentary service on our telegram. You are welcome there anytime.
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Good job. Keep it up.
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ExclusiveMarkets kennethNipperCRPC
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