The Dow Jones closed lower on Friday, around 26000 levels, after carving a potential lower top around 26300 levels earlier. Please also note that, prices reversed lower forming an evening star ( bearish ) candlestick pattern between fibonacci 0.618 and 0.786 resistance levels. Looking into the medium term wave structure, it looks like a 5 down (impulse), followed by 3 up (corrective A-B-C) until now. If this wave structure holds to be true, we could see an impulse drop unfolding into 5 waves, towards 23000 levels at least and further. Intermediary resistance is now seen around 26300 levels, followed by strong resistance at 26950 levels. We maintain our medium term bearish outlook for Dow Jones, against 26950 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.