The bear market is one step closer

Enda Glynn

Dow Jones Industrial

My Bias: market topping process ongoing
Wave Structure: Impulsive 5 wave structure, possibly topping in an all time high.
Long term wave count: Topping in wave (5)
Important risk events: USD: N/A.

Today’s pump and dump in stocks has again invalidated the short term bearish count shown on Friday.
I have altered the wave count to account for this new all time high.

The market has triggered the alternate wave count which views the recent selloff as a correction in wave (iv) grey. The price is now moving within wave (v) grey.

Each time the price action triggers the alternate wave count, we get one step closer to realizing the larger picture, One point should not be forgotten here.
The market is closing out a price structure at a very large degree right now,
So when it does turn down, as it is bound to do!
It is going to turn down for a very long time.

This is the reason why I remain vigilant for a turn each and every day. The magnitude of the decline to come dictates a very conservative approach.

So for the rest of this week, I will be looking for the completion of wave (v) grey.
Fibonacci analysis puts the top of wave (v) grey between, 21625 – the 162% extension of wave (i) grey.
And;
21890 – Where wave (v) grey will reach equality with wave (i) grey.

Both scenarios lead to the same conclusion, the bear market is one step closer.

Dow Jones 30 – 30 Min Chart
Dow Jones 30 4H Chart
Dow Jones 30 Daily Chart

This post was originally published by Bullwaves

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US