Wednesday 1 August 2018

Dow Jones looking really scary

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


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 2NOTE: 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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