MarcusAu
Long

Dow Jones Index Long Term Entry

DJCFD:DJI   Dow Jones Industrial Average Index

Looking at this weekly chart, we can clearly see that DJIA is moving in the intermediate Wave C. This Wave C is the final component of a larger primary Wave 4, which could bottom out at approximately 23000. 23000 is the 1.618 extension of the bottom of DJI's long term ascending channel , therefore opening long positions there should be very safe and profitable.

Although DJI's short term downtrend is not finished yet, I DO NOT advise any shorting here. The long term trend is extremely bullish , therefore the profit/risk ratio of shorting here and now is very unfavorable!

Comments

Willem it's a good idea but perhaps your A-B-C Elliott waves are too broad - I painted A-B-C in Feb/Mar with a 1-2-3-4-5 bull flag runup Apr-May pretty sure the last downdraft is an A leg of next A-B-C; be careful out there!
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