Warning lights are flashing trouble ahead for DJIA.
A move below the October 7 low would also punch below the blue support line and hint at further losses towards 17,000.
As an aside, I am also watching a potential Elliott Wave triangle which we are in the 'D' leg. This would suggest another bump higher that holds below 18,450 followed by an aggressive dump in pricing.
Both scenarios point towards lower levels.
Since we are sitting on support, see how the intraday momentum is shifting with GridSight.
A move below the October 7 low would also punch below the blue support line and hint at further losses towards 17,000.
As an aside, I am also watching a potential Elliott Wave triangle which we are in the 'D' leg. This would suggest another bump higher that holds below 18,450 followed by an aggressive dump in pricing.
Both scenarios point towards lower levels.
Since we are sitting on support, see how the intraday momentum is shifting with GridSight.
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www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
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www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress