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Dow Jones Mini Futures, Technical Analysis for January 04, 2015

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The Dow Jones daily chart indicates that the indice has resumed its downfall and a break below 17000 levels would accelerate the same. Looking into the wave structure, the indice seems to have completed 5 waves down from 18400 to 15400 levels and subsequently 3 waves up from 15400 through 17900 levels, completing two waves of the expected correction. A third wave lower has also resumed from 17900 levels and is expected to accelerate lower below 15000 levels. Immediate resistance is seen at 17700 levels while support is seen t 17000 levels respectively. Also the RSI has lowered from 70 levels and a break below 17000 levels would be extremely encouraging to the bears.

Trading recommendations:

Remain short, stop at 18000/100, target is open.

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