DOW JONES bearish short-term as long as this Resistance holds.
Dow Jones (DJI) got rejected last week below the 1-month Resistance and that formed a Lower High on the 1H time-frame, establishing a Channel Down.
It appears that we are in the process of repeating a Bearish Leg highly symmetrical to the previous one. So far we have completed a -1.80% Stage 1 decline and after a rebound, the price dropped again below the 1H MA50 (blue trend-line) in a similar way as January 18-19. Observe how even the 1H RSI sequences between the two fractals are identical.
As long as this holds as Resistance, we expect Stage 2 of the Bearish Leg to hit the bottom of the Channel Down on the 1.618 Fibonacci extension (as the previous Bearish Leg) at 48250.
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