DOW JONES - DJI Elliott Wave Analysis.
Day Chart Overview.
DOW JONES - DJI Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Orange wave 3.
Position: Navy blue wave 5.
Next lower degrees direction: Orange wave 4.
Details:
The DOW JONES - DJI Elliott Wave Analysis on the daily chart shows an impulsive trend. The wave structure under analysis is orange wave 3, positioned within navy blue wave 5. This indicates an upward market trend, following the impulsive wave pattern of orange wave 3 within the broader context of navy blue wave 5.
The analysis suggests that orange wave 2 appears to be completed, marking the end of a corrective phase and the start of a new impulsive phase, orange wave 3. The market is in the early stages of this new impulsive wave, indicating a continued upward trend.
The next lower degrees direction is identified as orange wave 4, which will follow the completion of the current orange wave 3, indicating another corrective phase before a potential resumption of the upward trend in subsequent waves.
A crucial aspect of this analysis is the wave cancellation invalid level, set at 38900.53. This level acts as a critical threshold for the ongoing wave structure. If the market price exceeds this level, the current wave analysis would be invalidated, indicating the expected wave pattern is no longer accurate. This scenario would require a reevaluation of the wave count, potentially altering the market outlook.
In summary, the DOW JONES - DJI daily chart analysis reveals an impulsive trend with orange wave 3 currently active within navy blue wave 5. The completion of orange wave 2 marks the onset of this new impulsive phase. The direction for the next lower degrees points to orange wave 4 following the current wave 3. The wave cancellation invalid level of 38900.53 is a critical validation point for this analysis, serving as a threshold to reassess the wave structure if surpassed.
DOW JONES - DJI Elliott Wave Analysis.
Weekly Chart Overview.
DOW JONES - DJI Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Navy blue wave 5.
Position: Gray wave 1.
Next higher degrees direction: Continuation of navy blue wave 5.
Details:
The DOW JONES - DJI Elliott Wave Analysis on the weekly chart identifies a trend function with an impulsive mode. The wave structure currently under analysis is navy blue wave 5, positioned within gray wave 1. This configuration indicates an upward market trend driven by the impulsive navy blue wave 5 within the broader context of gray wave 1.
The analysis highlights that navy blue wave 4 appears to be completed, marking the end of a corrective phase and the start of a new impulsive phase, navy blue wave 5. The market is currently in this new impulsive wave phase, suggesting a continuation of the upward trend.
The direction for the next higher degrees is the continuation of navy blue wave 5, indicating the market is expected to maintain its upward momentum as navy blue wave 5 progresses.
A key aspect of this analysis is the wave cancellation invalid level, set at 38900.53. This level serves as a critical threshold for the ongoing wave structure. If the market price exceeds this level, it would invalidate the current wave analysis, indicating that the expected wave pattern is no longer valid. This situation would necessitate a reevaluation of the wave count, potentially altering the market outlook.
In summary, the DOW JONES - DJI weekly chart analysis shows the market in an impulsive trend with navy blue wave 5 currently active within gray wave 1. The completion of navy blue wave 4 marks the beginning of this new impulsive phase. The direction for the next higher degrees suggests the continuation of navy blue wave 5. The wave cancellation invalid level of 38900.53 is a critical validation point for this analysis, serving as a threshold to reassess the wave structure if surpassed.
Technical Analyst: Malik Awais.
DOW JONES - DJI Elliott Wave Technical Analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
EUR/USD continues to grind out further losses
EUR/USD continued to drift into the basement on Wednesday, clipping into a 54-week low and settling within touch range of 1.0550. Fiber continues to shed weight on the charts as broader FX markets pivot full-bore into holding the Greenback.
GBP/USD sheds weight for a fourth straight day on Wednesday
GBP/USD eased further into the low end on Wednesday, trimming further south of the 200-day Exponential Moving Average in a one-sided bearish decline as the pair closes in the red for a fourth consecutive trading day.
Gold extends slide to fresh two-month low
After shedding some ground throughout the first half of the day, the US Dollar is back in fashion. XAU/USD trades at its lowest in two months in the $2,580 region and is technically poised to extend its slump.
Australia unemployment rate expected to remain steady for third straight month in October
The Australian Unemployment Rate is foreseen stable at 4.1% in October. Employment Change is expected at 25K, much lower than the 51.6K posted in September. AUD/USD is under pressure and may soon pierce the 0.6500 mark.
Trump vs CPI
US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.