Trading Plan for Dow Jones for May 28, 2018
May 28, 2018 8:21 amVideo
Latest News
- Bitcoin licks wounds as Fed comes on the rescue – Crypto News May 3, 2024
- GBP/USD: trading plan for the US session on May 3rd (analysis of morning deals). The pound is preparing to get out of the May 3, 2024
- EUR and GBP may drop May 3, 2024
- EUR/USD: trading plan for the US session on May 3rd (analysis of morning deals). US data will be the key moment of the week May 3, 2024
- USD/JPY: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- GBP/USD: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- Video market update for May 03, 2024 May 3, 2024
- EUR/USD: Simple trading tips for novice traders on May 3rd (US session) May 3, 2024
- Could the BoE adopt a more dovish stance on Thursday? – Preview May 3, 2024
- EUR/USD. May 3rd. Bulls don’t give up without a fight May 3, 2024
- GBP/USD. May 3rd. Bears are counting on a strong US labor market May 3, 2024
- Market Comment – Stocks enjoy Fed-induced bounce as dollar slips ahead of NFP May 3, 2024
- Weekly Forex Outlook: 03/05/2024 – BoE and RBA decisions headline a calm week May 3, 2024
- Week Ahead – BoE and RBA decisions headline a calm week May 3, 2024
- USD/JPY: trading tips for beginners for European session on May 3 May 3, 2024
- GBP/USD: trading tips for beginners for European session on May 3 May 3, 2024
- EUR/USD: trading tips for beginners for European session on May 3 May 3, 2024
- Technical Analysis – WTI futures break below 200 day-SMA May 3, 2024
- Hot forecast for EUR/USD on May 3, 2024 May 3, 2024
- Key events on May 3: fundamental analysis for beginners May 3, 2024
Technical outlook:
Believe it or not, the Dow Jones Indice is preparing for a major break lower towards at least 20,000 levels from here. The indice has placed a major high in place at 26,698 levels since January 2018. The drop after that, towards 23,000 odd levels was an impulsive one and hence labelled as (1) of another impulse at a higher degree or A as the first leg of the corrective structure A-B-C. Please note that a 5 wave impulse lower seems to be very high probability since 26,698 high was the termination point of a larger degree. Since the 23,000 lows made in February 2018, the Dow Jones has remained flat producing an a-b-c flat corrective structure as labelled here as wave (2). If this structure of wave counts hold to be true, the next leg wave (3) should be on any moment from here and could travel all the way towards 20,800 levels at least.
Trading plan:
Remain short for now around 24,800/25,000, stop above 25,500, target is open. This is a positional trade.
Fundamental outlook:
There are no major events lined up for the day.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: