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Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

Dow Jones Industrial Average broke support level 17540.00

  • Dow Jones Industrial Average broke support level 17540.00
  • Next sell target - 17300.00

Dow Jones Industrial Average has been falling in the last few trading sessions inside the intermediate impulse wave (3) – which earlier broke through the support level 17540.00, which stopped the previous intermediate impulse wave (1) at the start of this month. The active impulse wave (3) belongs to the primary downward impulse wave ③, which started in the middle of April – when the index reversed down from the long-term resistance level 18140.00 (previous monthly high from July of 2015).

The breakout of the support level 17540.00 is likely to intensify the bearish pressure on this index. Dow Jones Industrial Average is likely to fall to the next support level 17300.00.

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