DJ could move higher to complete primary wave 3 near 29670, completing the intermediate 5-wave move starting at 21753.
The current structure suggests that we are minor wave 3 of the intermediate wave 3. In the sorter degrees, we have completed minute waves 1 and 2 and currently are ready to correct perhaps with a minuette a,b,c wave. That would then allow prices to potentially extend higher for minute wave 3 near 27769, and then 28962.
A successful correction could get prices pushed up for the continuation of the bullish pattern. A failure, however, could be the beginning of a deep that could form a fresh intermediate wave 2 low.
Look for a valid break above 27396 but also focus on whether a bearish breakout is valid should it occur.
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
The current structure suggests that we are minor wave 3 of the intermediate wave 3. In the sorter degrees, we have completed minute waves 1 and 2 and currently are ready to correct perhaps with a minuette a,b,c wave. That would then allow prices to potentially extend higher for minute wave 3 near 27769, and then 28962.
A successful correction could get prices pushed up for the continuation of the bullish pattern. A failure, however, could be the beginning of a deep that could form a fresh intermediate wave 2 low.
Look for a valid break above 27396 but also focus on whether a bearish breakout is valid should it occur.
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
