• 1 hour 3,600 Years Later, Climate Change Turns Mammoths Into $40M Market
  • 5 hours Tesla, Apple Claim China Is Stealing Intellectual Property
  • 7 hours EV Giants Duke It Out For Battery Dominance
  • 1 day Tech Billionaire Takes Aim At Google
  • 1 day Chinese Police Bust Largest Ever Illicit Crypto Mining Operation
  • 1 day Expect A Pullback Before Gold's Next Major Rally
  • 1 day Why Interest On Gold Matters
  • 2 days Ten Extravagant Food Items For The Wealthy Only
  • 2 days Why Saudi Arabia Won't Give Up On The Aramco IPO
  • 3 days $32 Million Crypto Heist Halts Tokyo Exchange
  • 3 days Is A Gold Selloff Looming?
  • 4 days Central Banks Are Stashing Gold And Dumping Treasuries
  • 4 days Three Cannabis Trends Flying Under Investors’ Radars
  • 5 days $1.3 Billion In Cocaine Found On JPMorgan Vessel
  • 5 days Amazon Teams Up With Lady Gaga To Win Over Generation Z
  • 5 days Dollar Falls As Powell Teases Rate Cuts
  • 5 days Will The World's First Trillion Dollar Company Ever Bounce Back?
  • 6 days Many Americans Will Never Stop Working
  • 6 days Mozilla vs DarkMatter: The Cyber Espionage End Game
  • 6 days Chile Cracks Down On Environmental Infractions
Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

  1. Home
  2. Markets
  3. Other

Dow Jones Industrials Elliott Wave Count

Topping in wave (5)

30 min

Dow Jones Industrial Average 30-Minute Chart
Larger Image


4 Hours

Dow Jones Industrial Average 4-Hour Chart
Larger Image


Daily

Dow Jones Industrial Average Daily Chart
Larger Image

My Bias: Long towards 20,500
Wave Structure: Impulsive 5 wave structure, possibly topping in an all time high.
Short term wave count: Upside from 17,066 wave 4 blue
Long term wave count: Topping in wave (5)
Important risk events: USD: FOMC Member Fischer Speaks.

As I expected last night, the DOW is now rallying in wave '5' of 'v' of (iii),
This leg of the larger rally is coming to a close soon, we could see a cooling off of prices in wave (iv) grey next week.
I expect wave (iv) to be a short affair, this would counteract the deep retracement we saw in wave (ii) grey.

The upper target for wave (iii) to complete is still at 20520 where wave (iii) will reach a Fibonacci 162% of wave (i) grey.

Since calling the low in wave 'ii' of (i) back on the 23rd of January, the DOW has rallied 530 points,
Not a bad haul if you managed to ride this wave! I will count that as another win for Elliott wave analysis!

For next week I will expect the completion of wave (iii) and a possible sideways correction for wave (iv) grey.

 

Back to homepage

Leave a comment

Leave a comment