AB=CD Structure Visible on the Dow
As evident from the chart below, the week concluded by testing an ‘alternate’ AB=CD bullish formation at 32,973 (depicted by a 1.272% Fibonacci projection ratio). You will note that the AB=CD pattern is joined closely by a descending resistance-turned-support taken from the high of 36,952 and trendline support extended from the low of 18,213.
Like the S&P 500 this week (and potentially subsequent weeks), buyers from the current structure may aim for the 38.2% and 61.8% Fibonacci retracement ratios at 34,005 and 34,659, respectively (common upside targets derived from legs A-D).
Like the S&P 500 this week (and potentially subsequent weeks), buyers from the current structure may aim for the 38.2% and 61.8% Fibonacci retracement ratios at 34,005 and 34,659, respectively (common upside targets derived from legs A-D).
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.