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Dow Jones might face resistance through 28500/600 levels

Dow Jones might face resistance through 28500/600 levels

Dow Jones has already carved a lower high around 29200 levels and confirmed a potential top early this month. Further, the drop from 29200 through 27450 has confirmed bears are in back in control. Furthermore initial support at 27500 is taken out along with the immediate trend line support. The indice has entered into the sell zone now and is always good to sell on rallies. Looking at the lower degree wave counts, Dow Jones might have carves lower degree Wave 1 at 27450 and could be underway to terminate potential Wave 2 around 28500/600 mark. Once complete, the indice should revere sharply as Wave 3 resumes lower.

Remain short, add further @ 28500/600, stop @ 29600, target is open.

Risk Disclaimer:

Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.

from Trading Ideas
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