• Dow Jones reversed from resistance level 31200.00
• Likely to fall to support level 30610.00
Dow Jones Industrial Average Index recently reversed down from the resistance level 31200.00 (which previously reversed the previous impulse wave 1 at the start of January) standing close to the upper daily Bollinger Band and the up channel from November. The downward reversal from the resistance level 31200.00 is in the process of creating the daily candlesticks reversal pattern Evening Star – which will complete if the index closes today near the active levels.
Given the strength of the resistance level 31200.00 and the latest deterioration in risk sentiment seen across the global equity markets – Dow Jones Industrial Average Index is likely to correct down further toward the next support level 30610.00 (low of the previous minor correction 2).