Lucifer759

Dow Jones - A near term top or new rally?

DJ:DJI   Dow Jones Industrial Average Index
This is a monthly candle chart. Applied Fibonacci levels to 2008 highs and 2009 lows.
Dow Jones index tested a crucial Fibonacci level of 2.618 at 26500 in January and failed, looks like its going for a retest now. Observe the RSI divergence below
Will it succeed? Depends on lot of Global factors and US elections...
Trade active: DOw seems to be struggling at 26500. Correction may be possible from these levels.
Comment: As predicted Index is rejecting the 2.618 retracement.
Expect more downside as long as 26500 is not taken out on a weekly basis.