Dow Jones DJIA Elliott Wave Analysis

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Dow Jones DJIA 1 hour chart


Analysis

As shown in the above chart, prices are moving in a lower highs and lower lows formation and it is precisely moving in a falling channel, indicating that the trend of the index is weak and it is set to plunge going ahead.

MACD has given a sell signal and it continues to remain in the negative terrain which is a negative sign for the benchmark.

From Waves perspective, prices are moving either in complex correction (w-x-y-x-z) which looks to be difficult to accept or in (A-B-C) pattern. After completing wave B, prices have started wave c lower in which it has completed wave i and wave ii and has recently opened wave iii which will be violent in nature.

The summation is Dow Jones is set to plunge at least till 28500-28400 levels over short term.


 

Comments

Shikha Pradeep said…
Very good analysis
2 October 2022 at 01:20
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