DOW JONES Can post a short-term rebound.

Dow Jones (DJI) is on the 2nd green 1D candle following a streak of 6 red days. The long-term trend has been a Channel Down since the January 05 High and it appears that following Thursday's low as a Lower Low on the Channel, it appears to be repeating the previous Lower Low sequence of January 24. This led to a rebound slightly above the 0.618 Fibonacci retracement level from the Lower High. That is currently around 33895, so if the fractal is replicated, we can expect a rebound around 34000.

If on the other hand we get a 1D candle close below 31235, we expect more downside to the -0.236 Fibonacci extension (around 30220) which was where the February 24 low was priced, before we see a new rebound.


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