• 287 days Will The ECB Continue To Hike Rates?
  • 287 days Forbes: Aramco Remains Largest Company In The Middle East
  • 289 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 689 days Could Crypto Overtake Traditional Investment?
  • 694 days Americans Still Quitting Jobs At Record Pace
  • 696 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 699 days Is The Dollar Too Strong?
  • 699 days Big Tech Disappoints Investors on Earnings Calls
  • 700 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 701 days China Is Quietly Trying To Distance Itself From Russia
  • 702 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 706 days Crypto Investors Won Big In 2021
  • 706 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 707 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 709 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 710 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 713 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 714 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 714 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 716 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

Elliott Wave on the DOW

DOW Ending Diagonal Pattern

DOW Short Term Forecast Update

Many investors have been frustrated with the choppy action on the DOW, so we have provided a chart to illustrate our forecast on the expected price action.

This corrective choppy action is an ending diagonal pattern which is a terminal pattern. We should see further downside below the lower trendline with a a sharp decline to at least the starting point of the ED pattern at 12550. We should expect to see a brief rally at this level before further downside.

DOW

DOW Ending Diagonal

We have seen a minor breach of the lower trendline, but a continued move below the lower trendline will confirm that this pattern is complete. The price action is still near the lower trendline so there is a possibility that we could see another wave up in this pattern, but that scenario is unlikely at this juncture. Further downside will mark the end of the current rally with two possibilities on the downside targets, both significantly lower.

We have been following an ending diagonal pattern for the SPX which also appears complete.

These charts are only a guide so that you can follow the action and watch for the expected outcome. The action could play out exactly as illustrated or it may need minor adjustments as we follow it through.

Happy Trading!!!

 


If you are interested in viewing these updated charts and other detailed charts with targets on a daily basis, please see the registration details below.

Elliott Wave Chart Site - IntraDay Market Updates on the DOW, Nasdaq, S&P500, Gold, Silver, HUI and the USD.

To learn more on the status of Gold, Silver, HUI and the USD, please visit the link below for registration details.
The commentary and forecasts are updated daily, including intraday commentary and chart updates. Fibonacci pivot dates and cycle analysis are also utilized to forecast reversal dates. The indices covered include the NASDAQ, DOW, S&P 500, SOX, Nikkei, DOW Transports, TSX, BSE, KSE, AORD, HSI, DAX and FTSE. Commodity charts include Copper, XOI, Crude Oil, Nat Gas, Gold, GLD ETF, Silver, SLV ETF, HUI and/or the XAU (Gold and Silver index). Additional Elliott Wave charts cover the US Dollar (USD), EURO FXE ETF, Canadian Dollar (CAD) FXC ETF, 10 Year Treasury Note Yield (TNX), Bank Index (BKX)
With market timing and Elliott Wave Forecasts, we can be on the right side of the market. Registration Details

 

Back to homepage

Leave a comment

Leave a comment