Dow Jones Wave Analysis – 20 May, 2022

• Dow Jones broke support area
• Likely to fall to support level 30615.00

Dow Jones index is under the bearish pressure after the price broke the support area lying between the key support level 32450.00 and the 38.2% Fibonacci correction of the upward price impulse from the end of 2020.

The breakout of this support area accelerated the active weekly impulse wave 1 of the higher impulse wave (C).

Dow Jones index can be expected to fall further toward the next round support level 30615.00 (target price for the completion of the active impulse wave 1).