5 Jan 2021 ‚óŹ 07:24 AM

US indices like the DJI and Nasdaq below are breaking lower from a wedging formation. But the rise is not a perfect ending pattern. What we should anticipate is a possible correction back to the lower band at 12350 in wave II. If that holds or some key retracements hold like 38.2% at 12170 hold, we should still be looking at III of 3 higher. Unless we get a clear impulsive decline it is hard to say that the trend has changed from up to down. 1-2 day knee jerk reactions have become a common feature of US markets during a rally.

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