Watch the Channel Lines – 02/16/23

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.


Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Advantage,, and Finance Magnates.

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