- Dow Jones reversed from r round resistance level 30000.00
- Likely to fall to 29000.00
Dow Jones Industrial Average earlier reversed own from the round resistance level 30000.00 (which has been reversing the index from the start of November as can be seen from the daily Dow Jones chart below) – intersecting with the upper daily Bollinger Band. The downward reversal form the resistance level 30000.00 stopped the previous multi-impulse upward sequence consisting of the impulse waves 3 and (3).
Given the strength of the resistance level 30000.00 and the overbought reading on the daily Stochastic indicator – Dow Jones Industrial Average is expected to correct down further toward the next support level 29000.00 (low of the earlier short-term correction 2 from the middle of November).