Dow Jones Industrial Average (DJI) - Update
This was not the top.
The Dow Jones is approaching a major top. In our previous analysis, we shared our long-term outlook and expected the market to form a major high as part of yellow wave 1. Initially, we believed this yellow wave 1 had already been completed (https://monalytics.org/dow-jones-industrial-average-dji-elliot-wave-analysis/). However, after the sell-off over the past few weeks, we now expect the index to make a new all-time high before the rollover begins.
This would mark the final top of the current bullish cycle, completing yellow wave 1 and leading into a long-term corrective phase forming yellow wave 2.
We anticipate that the index will rise above its current all-time high at 50,512 points and reach our defined Fibonacci price target zone. This zone is defined as:
- 61.8% at 52,865 points
- 100% at 57,000 points
As with all our price target zones, this should be seen as a guideline. The market could exceed the 100% level or fall short of the 61.8% level. However, we expect the Dow Jones to complete the entire bullish sequence and terminate major yellow wave 1 within this zone.
If any structural changes occur, we will update you immediately.
Kind regards,
Monalytics
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