Hello fellow traders. In this technical blog we’re going to take a quick look at the past Elliott Wave charts of Dow Jones (YM #F) Mini Features published in members area of www.elliottwave-forecast.com. As our members know, we were kept saying that Dow Jones is having incomplete bullish sequences in the 1 Hour cycle targeting 24379 area as shown in Sequence Report. Consequently , we advised our members to avoid selling the index and keep on buying the dips in the sequences of 3,7,or 11 swings when ever there was an opportunity to do so.
Let’s take a look at the previous short term Elliott Wave forecasts.
Dow Jones (YM #F) 1 hour New York Midday update 12.14.2017
As we can see on the charts bellow, wave ((ii)) pull back is in progress. Proposed pull back is unfolding as ZiG Zag structure (a)(b)(c), when we’re in (c) leg . As of right now the pair is showing incomplete structure from the peak , suggesting more short term weakness toward green box: potential buying zone . Although we expect DJI to trade lower in short term, we don’t recommend selling it against the main bullish trend. We’re looking for 24549-24487 area where we would like to be buyers. Invalidation for the long position is break below 1.618 Fibonacci extension : 24487 level.
Dow Jones (YM #F) 1 hour New York update 12.18.2017
We got proposed leg lower toward our buying zone and completed pull back at 24532 low. The price has made new high on 18th December and eventually reached the first target at 24379 .Keep in mind market is very dinamic and short term view could have ended in meantime. If you’re interested in new Elliott Wave forecasts of DJI and trading setups you can find them in the membership area of EWF.
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