Hi Traders,
The Dow Jones (now at 25375) seems to defy the good fundamentals of the US economy. In fact, it is now staging a correction heading to the area 25000-24700
ELLIOTT WAVES
As you can see in the weekly chart, the DJ30 is unfolding a typical wave four, which is made of an a-b-c pattern. Wave a (down) and wave b (up) are completed and wave c (down) just started its way down.This is even clearer in the daily chart.
Finally, the 4-hours chart reveals the completion of wave b and the start of the new downtrend with the first two waves: wave 1 and wave 2. NOTE: the strong reversal candlestick pattern made of the last three candles.
Weekly chart, click to enlarge
Daily chart, click to enlarge
4-hours chart, click to enlarge
The Dow Jones (now at 25375) seems to defy the good fundamentals of the US economy. In fact, it is now staging a correction heading to the area 25000-24700
ELLIOTT WAVES
As you can see in the weekly chart, the DJ30 is unfolding a typical wave four, which is made of an a-b-c pattern. Wave a (down) and wave b (up) are completed and wave c (down) just started its way down.This is even clearer in the daily chart.
Finally, the 4-hours chart reveals the completion of wave b and the start of the new downtrend with the first two waves: wave 1 and wave 2. NOTE: the strong reversal candlestick pattern made of the last three candles.
Weekly chart, click to enlarge
Daily chart, click to enlarge
4-hours chart, click to enlarge
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