The Dow Jones continues to print higher highs for now, as Wave C progresses within A-B-C corrective rally, as discussed earlier. Please note that wave C would be equal to wave A around 26500 levels and also the fibonacci 0.786 resistance is seen through 26350 levels, indicating a pretty close convergence. We are now changing our stand fro neutral/bullish to bearish from around 26300/500 levels. Also note that risk remains above 26950 levels and potential targets are seen below 23000 levels going forward. The wave structure until now looks to be 5 waves down, labelled as (1), followed by 3 waves up, labelled as potential wave (2) around 26300/500 levels until now. If this wave count holds to be true, we could see a sharp wave (3) or (C alternate) lower towards 23500 and further. Overall, bearish outlook remains until prices stay below 26950 levels.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.