The Dow Jones managed to push through its immediate price resistance at 25500 levels on Friday. It is seen to be trading around 25520 levels (spot), and could be ready for a pullback towards 24800/900 levels going forward. Looking at a higher degree wave structure, after having produced a 5 wave drop from 26950 towards 24100 levels, the Dow is unfolding into a corrective structure as potential Wave (2), before Wave (3) drop continues. Please also note that Wave (2) might have terminated at 26300 levels, or it could still be unfolding as a complex correction and could re-test 26300/400 before resuming lower again. In either case, we could see prices staying below 26950 levels as Dow Jones remains bearish in the medium term. It could be a safe strategy to remain short for now, with risk above 26950 levels and potential target below 23000.
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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.