Hello fellow traders. INDU is another instrument that we have been trading lately . In this technical blog we’re going to take a quick look at the Elliott Wave charts of INDU, published in members area of the website. As our members know, INDU is showing higher high sequences in the cycle from the December 2018 and January 31st low. The price structure is calling for further strength in the index. Consequently, we advised members to avoid selling INDU and keep on buying the dips in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and Trading strategy.
INDU 1 Hour Elliott Wave Analysis 2.18.2020
Cycle from the January 31st low looks incomplete now, calling for further rally ideally. Break of 02/06 peak made INDU bullish against the 28853 pivot in first degree. Pull back is unfolding as Elliott Wave Double Three Pattern ( 7 swings pattern). Correction looks incomplete at the moment. The price still can make another leg down toward equal legs/ blue box area : 29209-29022. At that area we expect buyers to appear for proposed rally or 3 waves bounce at least. . As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. We don’t recommend selling it against the main trend. Strategy is buying the dips in 3,7,11 swings against the 28853 low. As soon as the price reaches 50 Fibs against the (x) blue high, we should make Long Positions risk free.
You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page.
INDU 1 Hour Elliott Wave Analysis 2.19.2020
INDU found buyers at 29209-29022 , the Blue Box area. We got nice reaction from there so far. At this stage we are calling wave ((ii)) blue pull back completed at 29099 low. However we would like to see further extension higher and break above 02/13 high to confirm next leg up is in progress. Otherwise break below current short term low : 29099 would open possibility for a deeper correction.
Keep in mind that market is dynamic and presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. You can check most recent charts in the membership area of the site.
Elliott Wave Forecast