Dow Jones almost terminated Wave iii close to 21800!
The Dow Jones plunged over the last 2-3 trading sessions as expected and has almost hit the Wave iii potential target around 21800 levels (the 1.618 extension is pointing towards 21500 levels). The wave structure is looking intact with Waves (1), (2) complete and Wave (3) in progression towards the potential target at 21500 levels as presented on the daily chart here. Immediate resistance is seen at 24000 followed by 24800 levels respectively. It is advisable to remain short for now and look to book profits around 21500 levels as discussed earlier. Maybe a long term bearish reversal has been initiated on the Dow Jones as expected and discussed earlier. Overall, bearish momentum remains but watch out for pullback rallies for opportunities to go short again.
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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.
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