DJIA long-term 3rd wave extension
DJIA is extending higher in the long-term impulsive upside 3rd wave and it could finish at 33000 as you can see on a monthly chart by breaking above the 30900. Does this mean that the DJIA is heading higher? Should you be building the buying position…If we look at the monthly chart we can see that DJIA is going for a new high of around 33000 which will be also the long-term Fibonacci extension of 200% from 80’s low. At the moment there are minor signs of reversal lower but as long as we are above 28000 we should target as projected.
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At this point, we can see a violent price action around the 30900 which was on a retest now as this is was the strong RESISTANCEÂ for an upside continuation and a break above the iii wave. At the moment a sustained break above this level will be a clear indicator that the recent upside reversal is valid. We can see that clearly on the weekly chart below. The latest weekly price action is pointing to an upside test of 31500.
On a daily chart, we can see an ending diagonal Already a member? This article is so good, it's for premium members only.
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We have used the combination of the top-down trading analysis to get these key levels explained in the charts.