Stock index Dow Jones continue to move as part of the growth and the beginning of the development of the bullish “Wolfe Wave” model. 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 33710. At the moment, we should expect an attempt to develop a correction and test the support level near the area of 33245. Where should we expect a rebound upwards and a continuation of the rise in Dow Jones quotes to the area above the level of 36145.
Dow Jones Index Forecast and Analysis March 1, 2022
An additional signal in favor of the rise in 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 upper border of the descending channel, which was broken up. Cancellation of the option to raise the index quotes will be a fall and a breakdown of the 31785 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 30025. It is worth expecting an acceleration in the rise of the stock index quotes with a breakdown of the resistance area and closing quotes above the 34155 area.
Dow Jones Index Forecast and Analysis March 1, 2022 suggests an attempt to test the support level near the area of 33245. Then, continued growth to the area above the level of 36145. A test of the trend line on the relative strength index (RSI) will test in favor of the Dow Jones quotes rise. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the area of 31785. This will indicate a continued decline with a target below the area of 30405.
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