Dow Jones Wave C of Wave B

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 DJIA daily chart


Analysis

From the above chart, prices are moving in a falling channel and has been consolidating near to its previous high of 34600 levels thereby moving in a stiff range of 32600 on the downside and 34600 on the upside. As far as prices persist in this range the bias will be sideways. However, prices which are currently at the resistance can move down from current levels and reach towards 32600 or even can break it this time. MACD is negatively poised.

As per Wave theory, the index completed wave b of wave b and is likely to start wave c on the lower side which can move till 32600 followed by 31500 levels.

The summation is DJIA is likely to tumble towards 32600 followed by 31500 levels over short to medium term.

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