The Dow Jones might have terminated Wave (2) just short of 26300 levels yesterday, as expected and discussed earlier. It reversed sharply giving in almost 800 points after that and it could be possible that Wave (3) lower might have begun already. Looking at the structure now, the Dow has unfolded into 5 waves from 26950 through 24100 levels respectively, labelled as Wave (1). Furthermore, Wave (2) terminated at 26000 levels as a running flat A-B-C as presented on the chart here. If the above structure holds to be true, prices should remain below 26000 levels going forward, and push lower below 23000 levels as Wave (3) unfolds into 5 waves. Please also note that the drop could be very quick as the 3rd of 3rd wave unfolds. Overall, it is safe to remain short and add further against 26300 levels.
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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.