Long Term Elliott Wave Count for DOW Jones – Charts + indepth Video Analysis.
DOW JONES INDUSTRIALS
My Bias: market topping process completing
Wave Structure: Impulsive 5 wave structure, topping in an all time high.
Long term wave count: topped in wave (5)
The DOW is in an interesting position right now.
There is a chance that the DOW has completed a corrective rally in wave [ii] green
at the recent high of 25799.
I have labelled this high as the alternate wave [ii],
this level should be watched closely.
The decline off that high has traced out a possible five waves down into todays lows.
and the price is very close to breaking initial support at 25155.
The operating wave count shows a double combination correction still underway
With a rise in wave 'c' pink yet to come.
That will complete wave [ii] green under that interpretation.
If we see a failure below 25799,
Along with another impulsive decline,
That will trigger the alternate wave count.
And wave [iii] down will be underway.
Weekly Elliott wave review.