Dow Jones Wave Analysis – 2 February, 2022

• Dow Jones reversed from support zone

• Likely to rise to resistance level 36400

Dow Jones index recently reversed up with the weekly Hammer from the support zone lying between the key support level 33425.00 (which has been reversing the index from the start of 2021) and the lower weekly Bollinger Band.

This support zone was further strengthened by the 50% Fibonacci correction of the previous sharp upward impulse from the start of last year.

Given the clear multi-year uptrend – Dow Jones index can be expected to rise further toward the next resistance level 36400 (which stopped the earlier waves 1 and (b)).