Dow Jones $INDU Short-Term Elliott Wave Analysis

By: Elliottwave-Forecast | Tue, May 10, 2016
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Short term Elliottwave structure suggests wave "b" is proposed over at 18173.54. Decline from there is unfolding in a zigzag where wave (A) ended at 17580.38 as 5 waves diagonal. Near term, while wave B pullback stays above 17580.38, Index has scope to do another leg higher in wave C of (B) towards 17872.98 - 18028.26 area before the Index resumes the decline lower again. We don't like buying the proposed bounce and expect wave (B) bounce to fail below 18173.54 for another extension lower.

Dow Jones Industrial Average 30-Minute Chart
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Author: Elliottwave-Forecast

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