In this analysis, we will have a look at the Dow Jones 1 hour Elliott Wave chart.
Dow Jones ended cycle from 04/02 low (23311) at the peak of 06/11 peak (25417). Below from that peak, the instrument is currently correcting the cycle from 04/02 in 7 or 11 swings before the rally resumes or bounce in 3 waves at least.
Down from 06/11 peak, the decline is unfolding as Elliott Wave double correction, where sub-division of red wave W unfolded also in a double correction and ended at 06/19 (24564). Up from there, it ended red wave X pullback at the peak of 06/20 (24861).
Below from that peak, a 5 wave’s structure can be completed soon in red wave v of blue wave (a). Once the blue wave (a) is complete, the index should bounce in blue wave (b) in 3, 7 or 11 swings before the decline resumes towards the equal legs area of red W-X cycle which comes at around 24010-23810.
The market is definitely move on the sentiment right now, without proper fundmanetal back. The fear of trade war.
I am expecting we might see some rebound near 24250.
In summary,we might be late to short as we have potential rebound on the card.
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s0nic
The market is definitely move on the sentiment right now, without proper fundmanetal back. The fear of trade war.
I am expecting we might see some rebound near 24250.
In summary,we might be late to short as we have potential rebound on the card.
Press "like" and Follow for accurate and free trade signals.
s0nic