Dow Jones Elliott Wave

If the economy needs stimulus this bad, then the health of it isn't good.

Earlier today, President Trump said he wanted efforts placed on the Supreme Court justice in lieu of hammering out a stimulus plan. Stock fell hard.

Two weeks ago, I shared an Elliott wave chart that suggested a hard fall in $DJI could be coming soon.

My wave labels are slightly different from that day, but the spirit of the message is the same. US stocks could be on the forefront of a hard fall in a wave 3 lower.

I anticipate $DJI falling to $22,000-24,000. From there, the models diverge. The primary count suggests deeper cuts below the March 2020 low. An alternate count suggests a bounce in the $22-24k range en route to new highs.

Komentarz:

$DJI is drifting below the support zone of the price channel (hit the play button above). This has happened while holding below the 29,199 high. Still possible for a stiff correction lower.