Yesterday Dow had closed at 33055. This is third time Dow had come near 33000 support area. This was also support zone from Dec to 5th Jan and then Dow had made high of 34400. Today too Dow had closed near support zone. Question is what next. As per our previous analysis, Dow is facing resistance at lower high made on 10th May @ 33772 and 19th may @ 33650. The blue line drawn at near support , yellow slope line drawn connecting lower high as resistance line and yellow line drawn from 33400 as uptrend support line, is suggesting that Dow is completing long triangle pattern .It had completed Shark pattern and is trading below it. Dow had retraced. 038 of move from 31400 to 34200, two times.
1. Dow could take support at yellow uptrend line which is also .500 retraced line.
2. If support line is taken away then 0.618 retracement level will act as support .
3 If 0.618 is taken away means Dow is weakening and in coming weeks Dow could test 32k and 31.5k
Dow is short when shooting star and confirmation pattern was formed on 1st May. Since then Dow is in down trend.
1. Dow could take support at yellow uptrend line which is also .500 retraced line.
2. If support line is taken away then 0.618 retracement level will act as support .
3 If 0.618 is taken away means Dow is weakening and in coming weeks Dow could test 32k and 31.5k
Dow is short when shooting star and confirmation pattern was formed on 1st May. Since then Dow is in down trend.
