The Dow Jones turned lower from around 26300 levels yesterday. It is too early to confirm a bearish reversal on the daily chart but potential remains for the same. At the same time, please also note that Wave C equals Wave A at 26500 levels, hence an upside through those levels cannot be ruled out. The wave structure is representing an impulse drop from 26950 through 24100 levels, followed by a potential zigzag corrective wave A-B-C until now. If this structure should hold, we could see prices dropping lower sharply through 22500 levels at least. Overall, we maintain a bearish outlook from around 26300/500 levels in the Dow Jones.
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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.