Stock index Dow Jones continue to move as part of the fall and the formation of a bullish “Wolfe Wave” pattern. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall of the stock index on the market already from current levels. At the time of the publication of the forecast, the index is trading at 33586. At the moment, we should expect an attempt to develop a fall and test the support level near the 33195 area. Where should we expect a rebound and a continuation of the rise in Dow Jones quotes to the area above the level of 35405.
Dow Jones Index Forecast and Analysis February 24, 2022
An additional signal in favor of the growth of stock index quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish ”Wolfe Wave” pattern. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the 33235 area. This will indicate a breakdown of the support level and a continued fall in the Dow Jones index quotes with a target below the level of 32655. Expect an acceleration in the growth of the stock index quotes with a breakdown of the resistance area and closing quotes above the 34205 area.
Dow Jones Index Forecast and Analysis February 24, 2022 suggests an attempt to test the support level near the area of 33195. Then, continued growth to the area above the level of 35405. In favor of the rise in Dow Jones quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the 33235 area. This will indicate a continued decline with a target below the 32655 area.
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