On 20th Sept DJ30 ( Dow Jones 30) took a bullish reversal from 61.8% fibo retracement level i.e 33871 high supply and demand zone - proceeded by a move towards 35100. DJ30 failed to continue its gains because of facing Senkou Span B of the ichimoku cloud in daily time frame - acting as a strong resistance along with key price action 35100. The upside hawkish tone was also limited by the exponential moving average 50 on the daily chart that provided bears a favor of driving the indice lower towards Senkou Span A of the ichimoku cloud at 34305. In the four hourly time frame we can see that DJ30 ( Dow Jones 30) has formed a 'W' structure with its strong support level situated at 34300 i.e Senkou Span A of the ichimoku cloud in the daily time frame, both indicating that the prices till 61.8% fibo retracement zone will act as strong supply and demand level that push the prices here from the current market position. 

BULLISH AND BEARISH CONDITIONS / POSSIBILITIES :

According to the elliot wave pattern in the daily time frame is showing that DJ30 ( Dow Jones 30) might have completed its bearish correction of higher degree in the interday and daily time frame, projecting towards continuation of hawkish trend to set new yearly records of gains. On the bearish side we need an impulsive dovish move - proceeded by a closing below the 61.8% fibo retracement zone that would trigger a bearish rally towards 50% fibo retracement level at 33330 and exponential moving average 200 in the daily time frame. 

DJ30

Sep 29 2021