Dow Jones Industrial Average (DJIA) Elliott Wave Analysis

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 Dow Jones Industrial Average daily chart


Analysis

As shown in the above chart, DJIA has given a bullish break in a falling channel pattern which opens positive possibilities. Currently prices are trading above this pattern and has the tendency to re-test the support (earlier acting as resistance) which falls in a range of 32800-32400.

From Waves perspective, the index is moving in an impulse fashion in which it has completed wave i and can start wave ii at one higher degree which can retrace 23.6%-38.2% which falls under 32400-32000 levels.

This is the area where wave ii will be completed and then wave iii on the upside will start which can go till 36400 levels.

The summation is DJIA has a good support of 32400-32000 levels which can be utilized as a buying opportunity for the level of 36400 levels over medium term.

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