Dow Jones - Impulse fall

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 DJIA Daily chart


Analysis

From the above chart, it is very clear that prices are moving now in a lower highs and lower lows and this gives a clear picture that the bias now remains negative. Last week the index crashed over Silicon Valley debacle and it seems that more pain is left. 

MACD has shown a negative sign and continues to remain below the center line.

As per Wave theory, prices have opened wave c lower after Wave b was completed at 34340 levels. Wave is currently ongoing is wave c in which prices have started moving down in wave iii which can travel till 31200-31100 levels and then a counter move towards 31700 to form wave iv and finally wave v which can go till 30800 levels.

The summation is Dow Jones can move down towards 31200-31100 over short term and over medium term it can reach till 30800 mark.

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