Talking Points

-Dow Jones Industrial Average extends near 20,000, but may nearly reach new landmark

-Higher odds patterns indicate continuing advantage, though a dip to 19,750-19,840 is perhaps not out of this question

-Pattern remains bullish while prices are far above 18,600

As we discover the past couple of days of 20-16, Santa Claus not came to town, but also appears to be stretching his live. Dow Jones Industrial Average (DJIA) has been flirt with the 20,000 markers attaining a top yesterday of 19,980. Trading amounts are light therefore that it will be potential volatile movements can well not follow for the next handful of days.

Based upon the consolidation which began December 14, it can appear like DJIA could dip slightly to complete the consolidation pattern. A dip looks poised to proceed towards 19,750-19,840. Now, we usually do not think that it will expand substantially, but may work its way down towards 19,000-19,250.

The moderate term routine does seem in Complete into the upside. For that reason, we expect that the drops could be confirmed near among many aforementioned degrees.

If price goes below 19,000 it may possibly grow to be an early warning signal that the next pattern are in play and we’ll need to re assess the tide connections. Below 18,600 we’ll leave the blueprint altogether.

If prices are encouraged and proceed higher, the following degree of wave relationships appear close 21,378. It’d have a prosperous break out above 20,000 for people to consider focusing to the greater degree.

This Friday December 30, Jeremy may review the longer-term layouts for DJIA. If you would like to combine Jeremy in their other US Opening Bell webinars to go over this specific current market, enroll and combine here.

Dow Jones Industrial Intraday Chart

Created using TradingView

Suggested Reading:

two Elliott Wave Pattern Possibilities around EUR/USD

USD/CAD Pattern Appears Incomplete Towards US Dollar Strength

–Written by Jeremy Wagner, Head Trading Instructor, Forexnewstv EDU

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