Dow Jones 30 develops a new bullish sequence which started on December 26, 2018, when the price found buyers at 21,452.5 pts. In this post, we review our vision for Dow Jones Industrial Average.
The Big Picture
The Dow Jones 30 index in the weekly chart shows an upward sequence. The leader US index has completed four waves and currently develops the fifth wave. The fact that price makes the fifth wave doesn’t mean that we have to sell right now, it is only a caution signal.
A New Bullish Cycle
The sequence of higher highs and lower highs suggests that the bullish bias keeps intact. The new bullish cycle started from the March 08 low at 25,213.4, could lead us to record highs above 27,000 pts.
What’s Next?
In the short-term, the hourly chart shows a consolidation structure. Is likely that the price makes a new low, which could fall to previous lows near to 26,300 pts. After this potential move, we expect the rally continuation to the area between 27,023.5 until 27,393 pts. The invalidation level is below 25,347 pts.
Remember that the price is not forced to move as our outlook suggests. The charts released corresponds to the Elliott Wave Theory application.
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