General Overview on 18/07/2013 19:00 CET:
I have two counts for Dow Jones CFD Futures Index and this one is the bearish one.
On Weekly chart it shows the possibility of a further gains for the index as high as 16642 – 16845 zone is. This is a projection zone that is including:
- W = Y Geometry of a HIGH DEGREE CYCLE
- 161%(A) = (B) Geometry – DEGREE CYCLE
- 61%Fibo Extension of waves 1 -3 LOWER DEGREE CYCLE.
On Daily chart right now the most important thing is to determine if the recent wave 5 green is in only small five waves of one lesser degree (purple) and index might perform a Double Top and reverse
this is just the begining of a fully blown fifth wave to the upside and alternate count has been shown on H4 chart.
H4 chart shows intraday support and resistance levels with main focus on Weekly Pivot level. The targets for the recent triangle breakout are WR1 or even WR2.
15682 – WR2
15559 – WR1
15460 – Intraday Support
15339 – Triangle Support
15314 – Weekly Pivot
15191 – WS1
14942 – WS2
As long as intraday support of 15460 holds long side of the markest is preffered with targets shown on chart.