SHORT Dow ready to plunge lower in a 3rd of 3rd wave!
Yesterday was an indecisive day as Dow Jones produced a doji on the daily chart , leaving room for a potential bearish reversal today. A potential top could be in place at 25109 levels earlier this week, at the fibonacci 0.786 (of drop between 26000 and 21800 levels) and downtrend line confluence. Looking at the wave counts, a higher degree Wave (3) might be unfolding lower, since Wave (2) terminated around 26000 levels earlier. Furthermore waves i and ii within Wave (3) might also have terminated at 21700 and 25100 levels as discussed earlier. If the above structure holds true, we should see a 3rd of 3rd wave drop lower in a swift manner. The down side potential remains below 21000 levels going further.
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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.