We have seen confirmation of the Head & Shoulders pattern in Dow and it couldn't go above the right shoulder. We may see Dow coming near to 31000 in coming sessions.
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On a verge of breakout from falling wedge pattern. If happens it bullish sign and for more confirmation need to cross swing high of 35700.
All Important Supports and Resistances are drawn in chart. All levels are on closing basis.
Please have a look and revert back if you need some more study on it.
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Dow closing above level 35683 and if sustain we can say that it can move further for target of 42240 while following below levels and considering it Support and Resistance.
Level 1 35683
Level 2 37960
Level 3 40448
Final Level 42240
Level 1 35084
Level 2 33562
Looks like a great point to buy IT Stocks.
NASDAQ has almost retracted to 50% of its Fibonacci retracement
If we see this could be the end of the second wave(downtrend) and there would be a more dominating third wave(uptrend)
On Oct1, $DJI made a bullish candle on good volume right on the lower median line(support line) of pitchfork. Also a number of indicators are showing bullish divergence. All this points to a bullish reversal.
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Downside levels for DJI if it continues to correct further. It have already broken down the upper channel and now may test the given levels if breaks 50EMA as well which is currently acted as major support.