DOW COMING TO INTRENSIC VALUE
If we see Dow on monthly basis then we see
1. Parallel channel from 2016 moving in upward direction.
2 Wave A,B,C,D & E completed.
3 Wave 1 2 3 4 completed and now wave 5 is in progress
4 Index is moving downwards along with lower high trend line which is crossing short term
support line from 2017 onward at wave 5. On Dec 18 and Oct 22 Dow had reversed its
downtrend, had not yet came below it. Since this line is crossing lower high down trend line
at wave 5, it had become strong support line. Here Dow value is within long term channel and
so it is within intrinsic value.
We have discussed why channel is known as intrinsic value channel earlier. And from todays candlestick formation which is not able to cross lower high down trend line, seems to break support line @32600 and trying to touch 31600 support where it complete wave 5
Here Triangle B also gets completed. So completion of triangle pattern and wave 5 @31600 makes this level very important.
Conclusion Dow is slowly coming to its real value. Right now it is trading with extended value.
1. Parallel channel from 2016 moving in upward direction.
2 Wave A,B,C,D & E completed.
3 Wave 1 2 3 4 completed and now wave 5 is in progress
4 Index is moving downwards along with lower high trend line which is crossing short term
support line from 2017 onward at wave 5. On Dec 18 and Oct 22 Dow had reversed its
downtrend, had not yet came below it. Since this line is crossing lower high down trend line
at wave 5, it had become strong support line. Here Dow value is within long term channel and
so it is within intrinsic value.
We have discussed why channel is known as intrinsic value channel earlier. And from todays candlestick formation which is not able to cross lower high down trend line, seems to break support line @32600 and trying to touch 31600 support where it complete wave 5
Here Triangle B also gets completed. So completion of triangle pattern and wave 5 @31600 makes this level very important.
Conclusion Dow is slowly coming to its real value. Right now it is trading with extended value.
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