DOW JONES - Short Trade Idea - A Break Of The Lows Will Confirm
Further to my previous video idea which I have linked down below.
The pattern since the top doesn't quite seem to fit what I would call a correction.
Instead what I am seeing is an expanding leading diagonal with a Wave 2 which expanded to the downside still came back up to retest the break of the Wave 2 -> Wave 4 trend-line from the previous Wave (C) and immediately rejected these levels.
To confirm this view need to see a break of the magenta line start of Wave E at around 30,057. This will confirm that it really is a Wave E.
On the daily chart we have an Evening Star candle pattern with a decent confirming candle.
Also on the daily chart we can also see a rounded top similar to the one we saw last February.
Entry: 30,057
Stop: 30,943
Target: TBA
Let's take it one step at a time. If we break the lows we can discuss targets.
Remember to use Disciplined Money Management Principles to ensure longevity as a trader.
The pattern since the top doesn't quite seem to fit what I would call a correction.
Instead what I am seeing is an expanding leading diagonal with a Wave 2 which expanded to the downside still came back up to retest the break of the Wave 2 -> Wave 4 trend-line from the previous Wave (C) and immediately rejected these levels.
To confirm this view need to see a break of the magenta line start of Wave E at around 30,057. This will confirm that it really is a Wave E.
On the daily chart we have an Evening Star candle pattern with a decent confirming candle.
Also on the daily chart we can also see a rounded top similar to the one we saw last February.
Entry: 30,057
Stop: 30,943
Target: TBA
Let's take it one step at a time. If we break the lows we can discuss targets.
Remember to use Disciplined Money Management Principles to ensure longevity as a trader.
