US30 16 July 2020 Daily Analysis BooBooDooDooDaDa

FX:US30   Dow Jones Industrial Average Index
I expect the price to correct to 26510 or 38.2% Fibonacci retracement .
The reason why it gets corrected because I notice in the Ichimoku indicator that the Tenkansen and Kijunsen are far separated. When that happened it will attempt to get closer for equilibrium.
On top of that, the price deviates too high from the Kijunsen which also indicates inequlibrium which eventually will get closer (correction) towards the Kijunsen.
If it goes below 38.2% and daily closes below 68.2% then the chance for a bearish reversal gets higher.

Speaking of the Eliot wave, I expect a 5th wave to the upside to be formed sometime today as seen in the chart.


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