Thursday, July 21, 2016

Elliott wave analysis of DOWI - Set To peak in the 19,989 - 20,098 area

DOWI - Set To peak in the 19,989 - 20,098 area

The clear break above 18.351 calls for more upside into the 19,989 - 20,098 area before a long term top is expected to be in place for a major correction. 

On June 21 I posted my long term view for DJI (you can see that post by clicking here). In this post, I said, that a clear break above 18,351 will call for an alternate long term count. This alternate count calls for a wave III top at 20,098 of the rally from 1932. 

On July 13 the former top at 18,351 was taken out and the shift to the alternate count calling for a rally towards 20,098 was a fact. 

As long as support at 17,063 protects the downside, I will be looking for more upside towards the 19,989 - 20,098 area before the long term top finally is in place. 

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