What happened yesterday The Wall Street Index (proxy for the Dow Jones Industrial Average) has staged a bullish breakout from its “Inverse Head & Shoulders” […]
What happened yesterdayThe Wall Street Index (proxy for the Dow Jones Industrial Average) has staged a bullish breakout from its “Inverse Head & Shoulders” configuration finally (lagging behind the S&P 500) and met our target at 17740 as expected. Please click on this link for more details on our previous day’s outlook.
Pivot (key support): 17700
Resistance: 17900/17920
Next support: 17585/17535
The short-term bullish trend in place since 16 January 2015 low remains intact for the Wall Street Index (proxy for the Dow Jones Industrial Average). As long as the daily pivotal support at 17700 holds, the Index is likely to stage a potential push up towards 17900/17920.
*A point of caution is that we are likely in the final stage of this short-term bullish trend based on the fractal approach (Elliot Wave) and we may start to see a setback (wave 4) below 17900/17920.
On the other hand, failure to hold above 17700 may invalidate the “push up scenario” to see a slide towards the next support at 17585/17535 (also the lower limit of the short-term ascending channel).
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