Dow Jones counter trend rally to gain momentum towards 28500/600
Dow Jones (Spot) had closed around 27650 mark on Friday. The indice has carved a meaningful lower high around 29200 mark and is expected to remain below that. Further, the indices still holds classic Elliott Wave Structure 5-3 since 29600 highs in February. Looking at the lower degree wave counts, the drop between 29200 and 27448 could be potential Wave 1. Probabilities remain high for a counter trend rally Wave 2 towards 28500/600 going forward. Also note that 28500 is close to fibonacci 0.618 retracement of Wave 1 as well. The indice remains good to be sold on rallies from here on.
Remain short, stop above 29600, target is open
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Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain short, stop above 29600, target is open
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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