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Dow Jones Short-Term Elliott Wave Analysis (May 11-12)

The decline to 17732.04 completed wave X and the Index has since moved higher. From wave X low, the rally took the form of a zigzag a-b-c, where wave a ended at 17973.07, wave b ended at 17910.15, and wave c of (w) completed at 18205.23. Wave (x) pullback is currently in progress towards an ideal target of 17843.94 – 17969.54 (50 – 76.4 back of wave (w) rally). We don’t like selling the wave (x) pullback and expect buyers to come at the area above for continuation higher or at minimum 3 waves higher to correct the decline from 18205.23.

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