Business & Finance

Dow Jones Breaks Key Support, Faces Further Decline to 51,500

By FxPro

The Dow Jones Industrial Average has broken through a critical support zone that lies between the 52,825 level—an area that has been acting as a support since August—, the 61.8% Fibonacci retracement of the July upward impulse, and the daily up‑channel trendline from April. This breach has accelerated the minor impulse wave C of the intermediate ABC correction that began in early August. Analysts now anticipate the index to decline further toward the next support level of 51,500, which corresponds to the low of wave 4 from the end of July.