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Technical analysis for Dow Jones Industrial, the index reached the second target of the bearish wave on the weekly chart, the 1.618 FIB extension at 29 670, which is also the 0.618 FIB retracement. The index bounced from it, starting a pullback. The focus now is on the previous high on the daily chart at 31 885. If the Dow Jones index breaks above 31 885, that will open the door for a bullish run toward the 1.272 FIB extension on the daily chart and 0.618 FIB retracement at 33 263.
On the other hand, if the Dow Jones index breaks below the 0.618 FIB retracement on the weekly chart, below the previous low at 29 650, that will extend the bearish wave and send the index lower. The first target for this potential bearish development is the 2.272 FIB extension on the weekly chart at 27 180. The second target is the 0.618 FIB retracement on the monthly chart at 25 415, just above it, we have the 2.618 FIB extension on the weekly chart at 25 860.
Daily chart:
Weekly chart:
Monthly chart:
