Brent
The daily chart shows a rebound from the high at 71.07 and 76.0% fibo. Possibly, the asset is currently forming a new descending correction towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 58.00, 49.94, 43.46, and 36.93 respectively. However, a breakout of the high may lead to a further uptrend to reach the fractal high at 87.09.
As we can see in the H4 chart, a local divergence on MACD made the asset start a new correctional decline, which has already reached 50.0% fibo and may later continue towards 61.8% and 76.0% fibo at 64.09 and 62.75 respectively. the key downside target is the local low and the support at 60.46, a breakout of which may lead to a further mid-term downtrend.
Dow Jones
As we can see in the H4 chart, Dow Jones is trading inside the post-correctional extension area between 138.2% and 161.8% fibo at 33941.0 and 36620.0 respectively. However, the asset is currently correcting downwards after a divergence on MACD. The key resistance is the high at 35102.0. The current situation may hint at a possible downtrend towards 23.6%, 38.2%, and 50.0% fibo at 32970.0, 31651.0, and 30587.0 respectively.
In the H1 chart, a local divergence on MACD made the asset complete the rising wave and start a new correctional decline, which has already reached 76.0% fibo. After a short-term pullback, the index may continue falling towards the local support at 33295.0, a breakout of which will lead to a further downtrend to reach the post-correctional extension area between 138.2% and 161.8% fibo at 32840.0 and 32552.0 respectively. The local resistance is at 34497.0.
