DJIA and FTSE100 Intraday: Elliott Wave Analysis
US markets will open in less than 15mins with the cash market at their highs. We were looking for that push up in this week as latest sideways price action was just another correction within uptrend. It was fourth wave so market is now running up in wave five of an impulsive structure from August low which means that upside can be limited. But there is room for 17200 on DJIA, or even 17350 if gains will stay here till the NFP that can be a trend changer. However, I would not be buying here, expecting a retracement soon.
DJIA (September 2014) 1h Elliott Wave Analysis
FTSE100 traded higher today as expected and finally reached levels around 6900 where market could be looking for a top of a fifth wave, so sooner or later market will turn south. Break beneath the channel line and 6804 support will be an early sign for a completed five wave move from 6493.
FTSE100 1h Elliott Wave Analysis
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