Dow Jones Mini Futures, Technical Analysis for November 18, 2015
Posted by FXTimes in Featured - November 18th, 2015 6:32 am GMT
The Daily chart view presented here indicates that Dow is preparing and is ready for another drop that could see prices well below 16,500 levels. The immediate wave count indicates that the drop from 17,900 to 17,000 has retraced to its fibonacci 0.618 resistance seen around 17,570/80 levels now. A pin bar candlestick pattern has appeared which indicates that the indice may continue to slide lower till prices stay below the 18,000 mark. Also note that the drop now, could be sharp and fast (potential wave 3 begins). Immediate resistance is seen through 18,000 levels while support is seen at 16,780 levels and lower respectively. Also note that the 4H RSI has been stalling around 60 levels and is turning south, favouring a bearish control.
Short now, stop at 17950, target 16500.