News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/IRly5vINGA
  • Gold prices surged to a 14-week high as the 10-year Treasury yield fell for a third day. Inflation fears and viral resurgence bolstered the appeal of the yellow metal, as Chinese buyers returned to the market. https://www.dailyfx.com/forex/market_alert/2021/05/17/Gold-Prices-at-14-Week-High-as-Yields-Fall-Chinese-Buyers-Return.html https://t.co/0M7qQ73c65
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.68%, while traders in France 40 are at opposite extremes with 84.03%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NoT4omixyH
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.03% 🇬🇧GBP: -0.07% 🇪🇺EUR: -0.11% 🇨🇦CAD: -0.23% 🇦🇺AUD: -0.40% 🇳🇿NZD: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GBc23P8NQJ
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: France 40: 0.17% Germany 30: -0.05% FTSE 100: -0.10% US 500: -0.28% Wall Street: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zEojicMMU8
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/zyTHSyUiMd
  • 🇹🇭 GDP Growth Rate QoQ (Q1) Actual: 0.2% Expected: -0.8% Previous: 1.3% https://www.dailyfx.com/economic-calendar#2021-05-17
  • 🇹🇭 GDP Growth Rate YoY (Q1) Actual: -2.6% Expected: -3.3% Previous: -4.2% https://www.dailyfx.com/economic-calendar#2021-05-17
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.63% Gold: 0.37% Oil - US Crude: 0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SnUeYQAKdi
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.02% 🇬🇧GBP: -0.11% 🇪🇺EUR: -0.11% 🇨🇦CAD: -0.24% 🇦🇺AUD: -0.35% 🇳🇿NZD: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/d3OdjbE19m
Dow Jones Industrial Average Tumbles 1.7%, Largest Since September

Dow Jones Industrial Average Tumbles 1.7%, Largest Since September

Jeremy Wagner, CEWA-M, Head of Education

Dow Jones Industrial Average (DJIA) sold off hard today. Some are blaming US President Donald Trump. Regardless of the reasons, let’s analyze the price pattern using the Elliott Wave model.

The higher probability model suggests the April low of 20,371 likely holds and becomes a key level for the immediate bullish view.

The current bullish view (noted below) is that prices are grinding sideways in a triangle. The pattern since March 2017 has been a series of three wave legs. Under this model, we are nearing the halfway point in the triangle as prices correct lower in a ‘c’ leg. If this pattern holds, we anticipate a potential reversal taking place near 20,575 and possibly as low as 20,371. However, prices would need to hold above 20,371 for the triangle as labeled below to be correct.

Dow Jones Industrial Average Tumbles 1.7%, Largest Since September

Since DJIA has been printing three wave moves since March, another possibility is a mild break of 20,371 in the ‘c’ wave of a flat correction. Therefore, bulls can use 20,371 as a key level and if it does break, head to the sidelines and await further clarification on the pattern to see if it becomes an Elliott Wave flat.

For more on triangles and flats, grab the advanced Elliott Wave guide and read page 4 and 5.

IG Client Sentiment has shifted strongly towards net bulls today. Essentially, traders were buying the dip, which did not work today. The number of traders net long today were 63% higher than yesterday and 48% higher than last week. Learn how to trade with sentiment with our IG client sentiment guide.

Dow Jones Industrial Average Tumbles 1.7%, Largest Since September

---Written by Jeremy Wagner, CEWA-M

Discuss this market with Jeremy in Monday’s US Opening Bell webinar.

Follow on twitter @JWagnerFXTrader .

Join Jeremy’s distribution list.

Read the recent Gold Elliott Wave article calling for $1260.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES