US stocks
are in negative territory following the lower price in pre-market. DJIA is also
weakening now testing support from Friday which will likely be taken out that
will open the door of 14750 today. Notice that decline from the top is still in
three waves, so despite some bearish momentum on stocks and higher USDand JPY today, the US markets still has only in three waves down from the
highs, which could be wave four as shown on DJIA-hourly chart. So if you are
trading these markets, then you definitely want to keep an eye on 14750 figure.
Only a Decisive fall through that level with daily close somewhere around 14650
would put larger decline in play, and probably invalidate our bullish
interpretation.
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