Article By RoboForex.com
Brent
On H4, after the quotations rose to the post-correctional extension area of 138.2-161.8% (82.20-85.15) Fibo, a divergence formed. This divergence signals about a pullback, and the first wave of the correctional decline already reached 23.6%. Subsequent growth tried to bring the quotations to 86.63, but the market was not powerful enough to accomplish it. The new impulse of decline can head for 38.2% (78.38), 50.0% (75.84), and 61.8% (73.30).
On H1, the decline after growth can be seen in more details. The quotations tested 61.8% and can drop to 76.0% (81.93) Fibo. However, the main goal will be the local low of 80.67. A breakaway of the low will open a pathway to medium-term goals.
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Dow Jones
On H4, upon testing the lower border of the post-correctional extension area of 138.2-161.8% (36434.0-36935.0) Fibo, a divergence on the MACD formed, as a signal for a pullback. The fractal low of 33517.0 is the main support.
On H1, the goals of the decline after the divergence on the MACD are visible. The declining wave is ready to test 23.6% (35988.0), and after a breakaway, it can head for 38.2% (35627.0) and 50.0% (35336.0) Fibo. A breakaway of the current high of 36570.0 will signal the continuation of the uptrend.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
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