Technical analysis

Dow Jones Wave Analysis 7 May, 2021

• Dow Jones broke resistance level 34225.00

• Likely to rise to resistance level 35000.00

The Dow Jones Industrial Average recently broke the resistance level 34225.00 (which is the upper boundary of the narrow sideways price range from the middle of April).

The breakout of this price range accelerated the active short-term impulse wave (iii) – which belongs to the longer-term impulse waves 3 and (C).

Dow Jones is likely to rise further toward the next resistance level 35000.00 (target price for the completion of the active minor impulse wave (iii)).

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