YM1! - Weekly Market Update, 10/10Dow futures have settled again below their June lows and are approaching ORANGE channel support.
Support and resistance structures have been adjusted accordingly for your reference.
Micro E-mini Dow Jones Industrial Average Index Futures
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Trade ideas
Elliott Wave View: Dips in Dow Futures (YM) Might Find SupportDow Futures (YM) shows incomplete bearish sequence from 1.5.2022 high favoring further downside. The decline from 8.16.2022 high is in progress as a double three Elliott Wave structure. Down from 8.16.2022 high, wave A ended at 30975 and rally in wave B ended at 32789. Index extends lower again wave C towards 28635 which completed wave (W). Rally in wave (X) is currently in progress as a zigzag structure as the 60 minutes chart below shows.
Up from wave (W), wave ((i)) ended at 28974 and dips in wave ((ii)) ended at 28772. Index extends higher in wave ((iii)) towards 30399, and pullback in wave ((iv)) ended at 29933. Final leg higher wave ((v)) ended at 30513 which completed wave A. Wave B pullback is in play to correct cycle from 10.3.2022 low before the rally resumes. As far as pivot at 28646 low stays intact, expect dips to find support in 3, 7, or 11 swing for 1 more push higher to end wave C of (X). Afterwards, Index should resume the decline lower in wave (Y). Potential target lower is 100% – 161.8% Fibonacci extension from 1.5.2022 high at 22560 – 27022.
DOW 4HOUR : UP TREND WILL CONTINUE TO 31500dow is near buy area for hold to fibo61 ....under red arrow after PINBAR comes we can sell too but be careful from sell ..dow can go to 32800 trendline
good luck
YM1! US30USD DOW 2022 OCT 03
US30USD YM1! DOW 2022 OCT 03
Dow Scenario2 breakdown yielded 700pts for last week.
congrats to those who shorted.
Possible scenarios:
1) Short on rejection of trendline // 29639 // 28886
2) Prepare to long if round bottom is observed and market
retraces during an upward move and finds support.
3) Market rotates, then find trades at edge of rotation zone.
(Yellow box)
Price reaction levels
Short on Test and Reject | Long on Test and Accept
32789 31793 31385
31042 30636 30202
29639 29315
Weekly: Higher vol & narrower spread down bar, close off low
= minor demand
(ave vol on bar itself) = demand coming in
Daily: Ave vol down bar close off low = No Supply
H4: Vol showed buying on the downtrend. Coupled with possible
SPRING setup
Remember to like and follow if you find this useful.
Have a profitable week ahead.
YM1! - Weekly Market Update, 10/3Dow futures settled below the June lows this week and are likely headed for the lower $28,XXX handle in the coming week(s).
Potentially breaking down from there would accelerate a plunge towards the 2020 lows in the coming month(s).
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Dow futures dip below key levelBearish development on the DOW futures chart. A key level is the pre Covid crash high which was a bounce upwards in the last few sessions but today the price has dipped below this level again.
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