The Dow Jones Industrial Average has seen one of the worst drop after 1931, around last week December 2018 and it could still produce one more bearish swing lower before pulling back. Looking at the wave structure, a higher degree wave (3) seems to be in progress since 26000 levels printed on December 03, 2018. We can count 4 wave at a lower degree since then, and the 4th wave might have terminated at 23300/50 levels, where prices seem to be stalling at this point in time. Please note that till prices remain below 24000 levels (it is the termination point of wave i of the same degree), we could see wave v unfolding towards 20800/21000 levels respectively. Overall, the bearish momentum is expected to continue at least till 21000 levels before a meaningful rally unfolds.
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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.