DJI - The ideal target of 17,094 is still in sightDJI - Target at 17,094 still in sight

Dow Jones Industrial Index - Target at 17,094 still in sight

Turned down from 17,074.65, but as long as support at 16,871 protects the downside the ideal target at 17.094 still is in sight. That said, we have to be aware, that all requirements now have been fulfilled and a top could be found at any time now, but to indicate that a top is in place a break below support at 16,746 is needed. Only a break below this support, will be the first indication that not alone the rally from early October 2011 is over, but the entire rally from early March 2009 has come to an end.

I'm still regarding the rally from 6,470.11 in early March 2009 till now as wave D of an expanded triangle (megaphone pattern) and wave E of this pattern is still missing. This means, that once wave D finally is over we should expect a powerful decline in wave E lower. This expected E wave could make it all the way down to 5.600 by late 2016, but we might not need a decline as deep as that, but only time will tell.

For now we should still focus our attention towards the upside, but the top is getting pretty close at hand now.

 

 

Duane
2014-05-27
Hi EWS,

Just wanted to send a word of thanks for all of the hard work that you
do, and to show you that I personally have paid for my subscription many
times over with the fantastic work that you...
Hani
2014-06-06
I have been a fan of you blog for several years!
I am so impressed at your renewal.
Elliott wave analysis is so difficult to me, but so interesting and useful.

Thank you
Hani
Duane
2014-08-29
Hey EWS,

Great work on the GBPCAD and the NZDCAD. These are the type of opportunities that I am looking for, monthly turns caught with daily or hourly entries. Easy money!!

Duane