Dow Jones index Wave Analysis – 31 January 2025

– Dow Jones reversed from strong resistance level 45000.00

– Likely to fall to support level 44235.00

Dow Jones index today reversed down from the resistance area located between the strong resistance level 45000.00 (which stopped the previous multi-month uptrend in November) and the upper daily Bollinger Band.

The downward reversal from this resistance area will most likely form the daily Bearish Engulfing – if the price closes today near the current levels.

Given the strength of the resistance level 45000.00 and the overbought daily Stochastic, Dow Jones index can be expected to fall to the next support level 44235.00.