DJIA to form classic DOW 123 pattern?

Price to maintain below SMA 200?

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  • We still maintain on our BEARISH view of DJIA direction based on previous analysis (23/10/2018) as the price still did not breach price level to change the projection to bullish and the Bearish EW count still valid
  • Bearish projection for weekly estimate to reach neckline level of 23280 and if this price level breach signalling the beginning of bear market.
  • The furthest price projection could reach BRN 20000

 

Daily

  • Price retest neckline and reverse (evening star) signalling further downward move
  • The continuation of downward move labelled as wave c movement
  • Price still testing to break & maintain below SMA 200
  • Estimate price could reach fibo extension level between 23800 to 22600
  • If price manage to extend more than fibo 2.618, we project that impulsive bear move already start.

 

4h

  • Price to break KUMO and trendline level after recent upward technical rebound
  • DOW looks like to form classic 123 pattern (DOW theory) and if price manage to break 23000 level, assume that bear market continue
  • Nearest target estimate could reach 23800

 

Change of projection

  • If price manage to  break 26300 handle, bullish will continue upward and estimate 30000 -32000 could be next destination

 

The above references the authors opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.

Ahmad Lokman graduated in Energy System Engineering from Fachhochschule Hannover, Germany. He is very experienced in power and energy sector for working as an engineer for more than 5 years. He started trading in currency, equities and futures since 2013. He combines Elliot Wave analysis with price action and fundamental drive to understand market move and projection prior to position the trade. He is now a licensed representative from Security Commission Malaysia and attached at Malacca Securities Sdn Bhd. He manages his own funds and also a proprietary trader of several Forex Brokers. He conducts investment classes and personal coaching for retail clients from all over Malaysia, and has made appearances on business TV, and gives talks to government agency regarding investment risk and potential. Ahmad Lokman is a holder of STA diploma (MSTA) with the Society of Technical Analyst (STA), United Kingdom. He  is a professional member of the Malaysian Association Of Technical Analyst (MATA).

TA certification: MSTA, CFTe

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