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Thursday, March 28, 2024

INDU – Wave 5 Sell Signal

INDU – Wave 5 Sell Signal

Below is my [Allan’s] DJIA chart with the elements of the Advanced GET Wave 5 Sell Signal imposed upon price movement the past few weeks. You can see that all elements of the mechanical sell signal are now in place, with a target for the move of between 9200-9700 on the DJIA.  Also noted is the reversal level of 10,120 which turns the Daily Trend Following Model SHORT.

 

The elements of a mechanical Wave 5 Sell Signal:

(1) A measured three-wave decline followed by a fourth wave advance;
(2) Wave four channel up into Fibonacci window (50%);
(3) Elliott Oscillator retraces from oversold back to the zero line (middle study);
(4) False Bar Stochastic Sell Signal (bottom study);
(5) Price break-down through trend channels to begin Wave 5 decline.

***

Thus, we have an Elliott Wave Sell signal while Allan’s Daily Trend Model is very close to a SELL.  

Allan’s offering PSW readers a special 25% discount. Click here.  For a more detailed introduction, read this introductory article.

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