Dow Jones should stay below 29200 mark

Dow Jones faces strong resistance around 29200 and any pullback rallies or counter trend should remain well capped below that. The index had closed around 27288 spot yesterday after printing intraday lows at 26700. It should be facing interim resistance around 27400/500 levels, which is past support turned resistance zone. A potential Wave 3 could be underway if Wave 2 terminated around 28300 mark. Alternately, a Wave 2 rally is still being worked upon and could reach 28500 mark going forward Either way, Dow Jones remains sell on rallies from here on.

Remain short, stop above @29600, target is open.

Risk Disclaimer:

Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.