Wednesday, December 4, 2013

DJIA on Wed 4-Dec-2013

Profit taking after 8 weeks gain.

From weekly timeframe,
If market formed a nice black candle, it would confirm a reversal and we expect market to find support near 15700 then 15450 pts - in 2 weeks time.
Due to Christmas holiday, we expect inflationary figures like consumer price, retail sales and other fundamentals to keep market up, let's see how it goes.

From 4 hours time frame, I forecast market to test lower before ending higher this week.
Market seem to find support at current level, but have tendency to go lower.

This is how I arrive to my wave target price from smaller timeframe.

The rest is up to market and fundamentals.

Have a blissful week.
Watch out Friday NFP.