Dow Jones resumes wave (3) with potential below 23000!

The Dow Jones reversed sharply yesterday and was almost 600 points lower at close (25389 levels. This drop did not come as a surprise to us and was anticipated last Thursday. 08 November, when prices reversed from sub 26300 levels, followed by an evening star reversal pattern on Friday. Looking and the wave structure, we maintain our bearish outlook as last week and continue to favor bears in complete control as price action unfolds. Immediate price resistance is seen at 26300 levels now, followed by 26950 respectively. A safe trading strategy could be to hold short positions and look to add further on intraday rallies, with risk/stop reduced to 26400 levels, and potential targets at 23000 levels.


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.