The Dow is now at the same critical point as the S&P 500. Volatility is high as news related to Cyprus bailout, European debt fears and stability could endanger the bullish momentum that currently prevails in US markets. The new all time highs in the Dow are fulfilled while the entire move of the index is near its end.
The short term wave analysis of the Dow shows us that the recent decline from 14539 is not impulsive. On the other hand, the rise from 14382 to the new high 14546.82 is impulsive. This could be the entire wave (V), but we feel it is more probable that this is only wave (i) of (V).
Therefore our expectations of another leg up are valid according to Elliott wave principle and the Elliott rules. Concluding, we remain bullish as long as prices remain above Friday’s low.
Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.
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Dow, S&P 500 Bullish Momentum In Danger
Published 03/25/2013, 12:59 AM
Updated 07/09/2023, 06:31 AM
Dow, S&P 500 Bullish Momentum In Danger
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