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DOW JONES- DJI Elliott Wave Analysis Trading Lounge Day Chart, Dow Jones Elliott Wave technical analysis Function: Counter Trend. Mode: Corrective. Structure: Navy blue wave 4. Position: Grey wave 1. Direction next higher  degrees: Navy blue wave 5. Details: Navy blue wave 4 still is in play as sideways. Wave cancel invalid level: 34740.46. The Dow Jones DJI Elliott Wave analysis on the day chart provides a detailed technical outlook using the Elliott Wave theory. The primary function of this analysis is to identify counter-trend movements within the market. The current mode of the market is described as corrective, indicating a period of market consolidation or retracement against the prevailing trend. The structure under focus is Navy blue wave 4, which is part of a larger wave sequence. The market is currently positioned at Gray wave 1 within this structure. This positioning suggests that the market has initiated a new wave cycle within the corrective phase of Navy blue wave 4. The direction for the next higher degrees points to Navy blue wave 5, which will follow the completion of Navy blue wave 4. This implies that after the corrective phase, the market is expected to resume its primary trend direction, advancing into Navy blue wave 5. Detailed observations in the analysis indicate that Navy blue wave 4 is still ongoing and is characterized by sideways movement. This sideways action is typical of corrective waves, which often involve a consolidation phase before the next impulsive wave begins. The continuation of Navy blue wave 4 suggests that the market is still in a state of adjustment and has not yet resumed its primary trend. A critical aspect of this analysis is the wave cancel invalid level, set at 34740.46. This level is essential for validating the current wave structure. If the market price exceeds this…

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Filed under: News - @ June 24, 2024 10:18 am