Tuesday, 18 December 2012

Dow Jones moves upwards in an impulsive form

Dow Jones has been moving impulsively upwards continuously making higher highs and higher lows as seen in the 60m chart displayed below. Our current wave count puts us in wave (iv) of iii. For this wave count to hold, prices should not fall below 13062 as this is wave (i) top. Instead prices should move higher to provide a new high above 13329 in order for the 5 wave sequence from 12765 to be complete.

As long as prices remain above the dotted upward trend line that connects wave ii-(ii)-(iv), bulls will have the upper hand and trend will remain upwards at least for the short term.

As always thank you for taking the time to read my thoughts.

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