We updated the wave count on the DOW but as you can see nothing has changed in our Outlook. Recent weakness stopped right on target at the 38.2% retracement and now we are crawling back up to end the structure that started in November of this year.
The upper trendline should be an easy target. Also sometimes a fifth wave will measure 1.618 or 2 times the previous fourth wave. giving us the 24810 and 25000 level. We also have the 61.8% of the previous third wave that gives us a target close to the 24810 level as well.
The 25000 is the new milestone that everybody will be talking about during the Holidays. But what next after the New Year ?
Stay tuned.
The upper trendline should be an easy target. Also sometimes a fifth wave will measure 1.618 or 2 times the previous fourth wave. giving us the 24810 and 25000 level. We also have the 61.8% of the previous third wave that gives us a target close to the 24810 level as well.
The 25000 is the new milestone that everybody will be talking about during the Holidays. But what next after the New Year ?
Stay tuned.
Comment:
Technically the Dow has moved above its previous high achieving the minimum target for completion of the active wave. It's hard to say if the index will keep pushing higher towards Fib resistances. Closing above the trendline and resting above it will be short term bullish but staying invested short term looks like trying to get blood from a stone.