The Dow Jones bounced back sharply on market open yesterday and managed to close around 22900 levels. Looking at the higher degree wave counts, the structure remains same with waves (1) and (2) in place already and Wave (3) in progress. Please note that Wave (2) termination was at 26000 levels hence prices should stay below that, going forward. The lower degree wave counts might be suggesting that waves i, ii, and iii could be in place now, with wave iii terminating close to 21600 levels. At this point in writing, wave iv could be in progress, and head towards 23200 levels, before turning lower towards wave v. If the above counts hold true, prices should ideally remain below 24300 levels. Fresh short positions can be taken on a bearish reversal around 23200/300 levels with risk at 24300 and potential target at 21400/500.
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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.