Dow Jones continues to move upward. At the same time, the chart contains signals pertained to this model, indicating a possible downward price reversal.
A Wolfe Wave pattern has been discovered, which consists of six five-wave components, where the first and third ones create an ascending resistance line. The Dow Jones price is in the “Sweet Zone”, which is indicated in red on the chart. Completion of the pattern results in formation of the sixth downward wave, the target of which extends the line connecting the tops of waves 1 and 4.
Short positions in respect to Dow Jones look more warranted strategically. More conservative traders may consider entering upon a retest of this level. With a more aggressive strategy, a trader can enter at or around the current prices.
📌 Entry: 46388.11
✔️ First goal: 46045.09
❌ Stop order: 46545.13
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