Today 11/16/16 the DJIA had the possibility a truncated 5th wave top could have been in place.
The subsequent decline was shallow and choppy, which is typical of a corrective pattern.
Additionally the pattern taken appears to be an Elliott wave Horizontal Triangle.
If the pattern is complete a post triangle trust up is most likely to begin on the open 11/17/16.
The widest part of the Horizontal Triangle was 128.00 points added to the bottom of wave "E" 18,853.10 targets
DJIA 18,981.10
Also .382 of wave (1) is 137.90 adding this to 18,853.10 targets 18,991.00
And of course round number resistance at 19,000.00
Even if you're not trading DJIA - watch this index as a guide to shorting.
Mark
The subsequent decline was shallow and choppy, which is typical of a corrective pattern.
Additionally the pattern taken appears to be an Elliott wave Horizontal Triangle.
If the pattern is complete a post triangle trust up is most likely to begin on the open 11/17/16.
The widest part of the Horizontal Triangle was 128.00 points added to the bottom of wave "E" 18,853.10 targets
DJIA 18,981.10
Also .382 of wave (1) is 137.90 adding this to 18,853.10 targets 18,991.00
And of course round number resistance at 19,000.00
Even if you're not trading DJIA - watch this index as a guide to shorting.
Mark
