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Spijk
Jan 16, 2018 7:43 PM

Dow Jones Industrial Index near Fibonacci extension level 

Dow Jones Industrial Average IndexDJ

Description

The DJI might see resistance at the 2.62 (rounded) Fibonacci extension level, drawn from the 2007 top and the 2009 bottom. This Fibonacci is around 26,500 so about 2% away from current levels.
Also, the current levels seen on the MACD and RSI are extreme (overbought) levels in historical context. This suggests a high probability of a near term correction or sideways movement.
Comments
shivji
Dow target @26,827.45
shivji
think 26702
Spijk
@shivji, could be, but more interesting is if this extension level is going to be a resistance level. The same extension for the S&P500 is ~3000, so the S&P is still somewhat off. We'll see.
shivji
@Spijk, s&p500 2867,
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