Hello fellow traders. Here’s a short capture from the Strategy of the Week video 10/16 2016 held by EWF Senior Analyst Daud Bhatti. Daud presented Elliott Wave count of Dow Jones Industrial Average and explained the swings structure.
The Index was having incomplete bullish swings structure in the cycle from the January 21st low. Our Elliott Wave Forecast suggested further rally once (X) blue pull back completes as double three structure. In shorter term INDU was correcting the rally from the 17063 low. Decline from the 08/15 peak had 5 swings and we saw the possibility of another another leg lower ((y)) of Y red toward 17767.7-17348.1 (green box- buying zone). As Daud mentioned , we expected buyers to appear for further rally targeting approximately 19200-19400 area. Alt view was 3 wave bounce at least against the 08/15 peak.
Eventualy the price of Dow Jones made another leg down however X red pull back completed at 17884.8 (few points above proposed tech zone). The Futures was more volatile and made depper push down. It completed X red at 17401
Dow Jones, INDU : Strategy of the Week Video:
Keep in mind market is dynamic. If you’re interested in the future path of INDU, join us now. You can find Elliott Wave analysis in the membership area of EWF. If not a member yet, Sign Up for Free Trial now
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