Dow Jones CFD 12,075 Technical Analysis TradingLevels: The price work across both sides of 12,100 which is also the 61.8% retracement level of the move down from the 9th Dec, the Dow can rally higher to 12,200 as the Elliott wave structure up is suggesting, the SP500 resistance is 1250 a 72% rally if this becomes support then we have a larger structure up Elliott Wave: The bounce of 1,200 for the SP500 came in on cue which in turn is the 11,800 for the Dow, we can work out the internal structure up but what does need confirming is working out is it a corrective rally or will new highs be made to 12500+. As you know we are working both wave counts bullish and bearish, I know this is not helpful as such, but we really do have to sit and wait for clarity in the structure Trading Strategy: If your long above 11,772 then well done and wait for the price pattern to unfold at 12,100 that should be the top of a wave three so a wave four across 12,100 with another push higher into 12172. Locking is some profit here at 12,100 is sensible.
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