On Weekly Basis: DJIA has corrected almost 50% of its down move from 34152 to 28725. It is bear market correction, usually sharp bounces. It also has resistance of 50 DMA at 31125 which also a pivot point. DJIA fell from all time high of 36800 to 29888 which was A wave of Grand cycle and corrected 61.80% to B Grand Wave at 34152, also close to 200 DMA level of 33890. DJIA has entered into C Grand Wave which should be final capitulation phase with Sub waves of 1, 2, 3, 4, 5. In shorter frame, DJIA completed its Wave 1 from 34152 to 28725 and almost completed Wave 2 at current level of 31082. Soon it should resume sharp down movement with the target of 26441 completing its Wave 3.
Warning and Disclaimer: Above prediction should not be taken as financial advise, it is a personal opinion. Consult your financial advisor. Investment is subject to market risks. Past performance is not the guarantee for future performance. It is for educational purpose only.