DJI – BULLS BEWARE!

DJI Chart

Short Term Elliot Wave view in Dow Jones Industrial Average that Uptrend has been ended with Expanding Ending Diagonal. There is a Break of Structure that happened when Wave 4 of ED has been broken by a strong move down, Clearly indicating that Bears are more active now. Currently, Wave A is running, which should end in 3 or 5 sub-wave structures. If Wave A ends in 5 sub-waves structure then ABC will end up in ZIG-ZAG Correction and If Wave A ends in 3 sub-waves structure then ABC will end up in Flat Correction.

My view is Bearish for Dow, Target will remain for 30790 levels in short term.

Sell on rise near 35400 levels with SL above Wave 2 which is 36450 or if it breaks below 34500 level with SL above 35500.

Cheers

Sid