Technical analysis

Dow Jones Wave Analysis 6 October 2023

– Dow Jones reversed from support level 32875.00

– Likely to rise to resistance level 33875.00

Dow Jones index recently reversed up from the pivotal support level 32875.00 (which has been reversing the price from May), coinciding with the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from March.

The upward reversal from the support level 32875.00 stopped the c-wave of the active ABC correction 2 from the end of July.

Given the still oversold daily Stochastic, Dow Jones index can be expected to rise further toward the next resistance level 33875.00 (top of the earlier wave iv).

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