Dow Jones Bearish Technical Breakdown Analysis

Market sentiment remains firmly bearish for the index.

The Dow Jones recently breached a critical support zone defined by the key level of 52825.00, which has reversed prices since August, the 61.8% Fibonacci retracement of the July impulse wave I, and the support trendline of the April daily up channel.

This breakdown accelerated the active minor impulse wave C within the intermediate ABC correction ii that commenced at the beginning of August.

Technical projections indicate the index will likely decline further to the next major support level at 51500.00, representing the low of wave 4 from late July.

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