The Dow Jones Industrial Average Index had a 700 points rally since 12th of august in what could be la last move of a flat correction standing for wave ii of a 5 wave downward move.
Today’s closest resistance is at $11.480 and a brake of it will highlight the 11.712 area resistance. This will be the last resistance of this scenario (flat correction) and a move above it will invalidate this Elliott wave count.
The last up-move fits in a wedge pattern and a break of it can lead to $11.140 area target. The main concern about a local top in 11.480 area is the Nikkei bullish look for today’s session.
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