The 02/14/23 blog “Fascinating Elliott Wave Pattern – Part – Two” illustrated that the Dow Jones Industrial Average (DJI) may have completed an Elliott – nine- wave – Horizontal Triangle. Today, 02/16/23 the DJI broke below the 02/14/23 bottom. The nine – wave Horizontal pattern is still valid, however additional downside action could change the situation.
The 30 – minute DJI chart courtesy of Trading View updates the Horizontal Triangle wave count.
A move below the wave (G) bottom at 33,591.99 would invalidate the nine- wave Horizontal Triangle count. The next support is just 10 – points below at 33,581.42 – the lower part of a double bottom. A break of the lower support could open the door for move down to at least 33,000.
If the DJI does not break below the support levels and resumes the rally, a move above 34,342.32 could open the door for a move to a new all-time high.
Watch the channel lines at 33,581.42 and 34,342.32.