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Dow Jones reverses from last week close at 24285!

The Dow Jones reversed sharply from its last week close at 24285 levels after opening higher yesterday. The spot closed at 24638 levels, having potential to push through 26000 levels as well. Please note that a rise above 24800 levels would be considered to be encouraging to bulls and open doors to take out strong resistance at 25500 levels going forward. Looking at the potential structure unfolding now, could be a flat (standard or running) or a triangle (into its wave c). Bottom line, prices should stay above 24100 levels going forward. It could be a safe trading strategy to consider taking profits on the shorts taken earlier and look for opportunities to sell higher again. Overall, the medium term bearish outlook remains for now.

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