The Dow had a great start at the market open but it subsequently fails to break last Friday High, as such, we believe that the Demand for the Dow futures has dried up a little, aiming for a short for now. Should price reverse and break the top by mid-day, we are safe to say that the bull is back with more powder keg.
Dow futures close below the 78.6% retracement level and it may signal some profit-taking from the market. Hence, the next level will be tested are around 26011 regions. If Dow exhibit some form of strong correction, then the next rebound level could be around 24,000-24,805.
Price is making new high and finally breaking the 25,00 0 psychological levels. I'm taking chance to short the highlighted red zone in hope that it will form sub-wave C.
I think the stock will be seeing some more rally as long as the stock stays supported above 1.85-1.86
The SPX 500 had a good run in the Asia and London session. Formation of an hourly bull flag/rising wedge indicates a continuation of an uptrend ahead. Another factor is that the double bottom rejects the immediate support level, giving a strong indication of potential upside.
In response to our previous trade, the bear sell down was weak when price breaks above the range box. hence we are looking at 88.6% as the next target.
DBS has been ranging and attempting to break the 20.00 psychological resistance level for some time and since the price has been hovering around the high 19.00 after the third tries. We expect a strong upside again as the resistance has been weakened. Also, the morning star formation near 38.2% Fibonacci level indicates a "shortfall" of the triangle or range,...
Estee Lauder has been attempting to break higher and that is despite the price breaks the rising wedge formation, the stock rally was halted at 50% retracement level of wave 3 by forming a double top formation and a tweezer top formation on the 2nd top. Will there be some chances of an upside? Only if prices close above the 61.8% of the Fibonacci retracement...
There is some more upside to test the 61.8% of the whole downtrend in March 2020. There is a strong possibility of a double corrective wave
After breaking the top of the flag, the Dow industrial is on the way to test the supply zone. Should the supply be broken, we will see the rally testing the 161.8% extension level at 25,564 region
Yesterday's strong rally may be ripe for a small correction before a strong up move again.
The update and slight changes to the previous wave count Dow Futures unexpectedly rallied at the 2nd hour on US open and should the candle form a bullish engulfing, the market will rise again till the top at 24,100 regions, starting the sub B wave of the zig-zag.
Bullish engulfing at the 2nd hour of U.S Open certainly gave the market some boost. It will be a risky buy hence SL is quite tight I may also set another buy limit at the resistance turned support at 22988.
LLY has been very bullish since and I am forecasting a potential bullish flag formation with price travelling to the support and 38.2% retracement level.
The expanded triangle explains why Cisco has been rallying. However, looking deeper. There is a Bearish Bat in the Mist between wave D and E.
Apple is in a crucial phase, to break or not to break.
Dow futures is breaking the neckline resistance and should it remain below, the neckline, we will consider further downside to the demand zone.
Evening star formation and double top rejecting 161.8% expansion. Also, the bearish candle is attempting to break the lower bound of the rising wedge.