Dow Jones Elliott Wave Analysis: Inflection Area Called The Bounce
Thursday, August 09, 2018
In this blog, I want to share some short-term Elliott Wave charts of theDowJones Industrialwhich we presented to our members in the past. Below, yousee the 1-hour updated chart presented to our clients on the 08/02/18 indicating that Dow Jones ended the cycle from 07/27 low in red wave 1.
As Dow Jones ended the cycle from 06/27 low, at the high of around 25574 (07/27 peak). It started a pullback lower in red wave 2. The pullback proposed to unfolded as an Elliott Wave ZigZag structure. Due to the right side bullish stamp, which you can see in the chart below. We advised members that we like buying Dow Jones at the equal legs from 07/27 peak. Therefore, we expected buyers to appear in the dips in the sequences of 3, 7 or 11 swings. At the 100 1.236 Fibonacci extension of black ((a))-((b)). Which came at around 25172-25098 area. And that was the first area for buyers to appear to take prices to new highs above red wave 1 peak or a larger 3 waves bounce at least.
Dow Jones Future 08.02.2018 1 Hour Chart Elliott Wave Analysis
In the last Elliott Wave chart, you can see that Dow Jones reached the blue boxarea (25174-25100) and bounced nicelyhigher. Due to the right side tag in our chart, long trades in the blue box area were authorized accordingly to our trading system. So the equal legs blue box was a buy trade and any trade from that area are risk-free by now, targeting higher levels. Depending on speed and time, partial profits on this trade are possible. Do pleasekeep in mind that the 1-hour