DJI has formed three sub-fractal i,ii, i,ii, i,ii since the impulse upwards since the Oct 22 bottom.
It should eventually materialize in a wave iii upwards i.e. 3 sub-fractals of iii,iv, iii,iv, iii,iv.
In all possibility the recent wave ii is complete in a five wave C downwards. Today's price action at NYSE opening would be crucial.
As in the S&P... so in the Dow........... Both Moving soo far perfectly within their PARALLEL CHANELLS... Not Much downside to go as I see it.... with 32600 odd as the Bottom before we take off towards the LONGEST LEG of the upside.
The Index itself is almost 6.1% or 2200 pips down so far. After looking at the weak Economic Data Index kept tumbling and saw no bounce so far. It will be interesting to see how the US Index behaves in a weak global market now. I have marked two paths that can play out a possible scenario in matching along with the waves. However, the overall bias remains BEARISH...
US30 is overall bearish .
we can plan a sell side trade after the 4hr break of support zone.
then look for bearish price action to sell targeting the next support zone.
ENTRY TARGET SL Mention in the chart.
ALWAYS TAKE TRADE WITH CONFIRMATION
Note : Trading in any financial market is very risky. I post ideas for educational purpose only. It is not financial advice. Do not hold us responsible for any potential loss you may incur. Please consult your financial adviser before trading.
I just didnt see what the Historical charts were showing Me in this DOWNTREND. I have very very clearly marked out what I caught last night on the DJIA. I think WORLD MARKETS are ALMOST READY/SETUP for the LONGEST WAVE IN BULL MARKET HISTORY. It only requires a Little patience a keen Eye and some Effort.
US TVC:DJI equities extended last week's sell-off on Tuesday after the recent data on consumer confidence and home sales showed the US economy may be finally coming under stress.
Federal Reserve continues to affirm its commitment that interest rates will remain elevated for an extended period to manage inflationary pressures maintained hawkish stand and...
DOWJONES is trading at very good multiple support zone of 33600-33650, start accumulating at this levels to get most out of it.
Buy F.E.A.R dowjones heavyweights & hold with stoploss closing below 33600
Little late to post this but still DOW has potential to recover from its recent fall.
I am expecting a bullish scenario ( FOMC news coming ) trade safe .
Most of the indexes worldwide behave in similar manner most of the time.
Price is trending in an upward channel and now it is at support.
34520 - 34600 is a crucial zone in deciding the direction.
If price took support, then we can expect it to move towards 34680, 34760 and 34820.
If price gains bearish strength, then it will fall towards 34460 and...
Enclosed is the DJIA hourly chart which will be responsible for the UPMOVES hereon. I have also explained to anyone who MAY want to understand the concept of "" RETRACEMENTS"".... They are calculated in PRIMARY.... SECONDRY and MAJOR waves and will differ from every time frame.
