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Wednesday, December 4, 2013

Elliott wave analysis of DJI - Is an important top in place and a new major decline in the making?

Dow Jones Industrial Index:

A five wave decline can be counted from the top at 16,174. Could the wave D of the expanded triangle finally be in place and a major decline in wave E have begun?

What I would like to see short term is a decline a Little closer to 15,766 (but it's not necessary as we already has a five wave decline and bullish divergence developing). From support near 15,766 resistance at 16,022 will likely halt the the coming wave 2 correction for a new impulsive decline towards at least 15,410 and possibly even lower.

Stay alert...

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