Below is a recap of our Chart of The Day for Dow Jones (INDU) for the week of 5/11/2015 – 5/15/2015:
In our Chart of The Day at 5/12/2015, we said wave (x) pullback is in progress and expected to complete at 17843.94 – 17969.54. As far as wave X low at 17732.04 holds in wave (x) pullback, the Index is expected to resume the rally higher.
In our Chart of The Day at 5/13/2015, we said wave (x) pullback has ended at 17924.8 and the Index has bounced as anticipated. The Index is expected to resume rally higher as far as wave X low at 17732.04 holds. Readers of our Chart of The Day who took a long position at the wave (x) pullback inflection area (17843.94 – 17969.54) per previous Chart of The Day 5/12/2015 should have a risk free trade already.
Current Dow Jones (INDU) Chart of The Day Update at 5/15/2015
Since our last two updates, the Index has made a new high above wave (w) at 18205.33, and preferred Elliott Wave view suggests the Index should continue higher towards 18343.51 – 18484.24 equal leg area to complete wave (y) of W. We expect sellers to appear from the above area for at least 3 waves lower per Elliott Wave Hedging idea. We don’t like selling the proposed pullback, and readers of our Chart of The Day who still hold long position from wave (x) pullback should take profit at the area above.
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