The Dow Jones industrial average
is trading bullish
, and can be trading at the end of a bigger impulsive wave. We are observing higher degree blue wave V, that can be searching for resistance and for a top around the 2550/2700 region, where the middle and upper Elliott wave
channel line can offer resistance and turn price lower. Red sub-wave five of V is also ending its rally with five minor waves, and for a suggestion for a reversal we need to wait on a breach below the lower channel line in a five-wave fashion.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.