In the H4 chart, after failing to reach the high at 71.07, Brent has stopped growing at 76.0% fibo; right now, it is consolidating between the high and 61.8% fibo. Possibly, the asset may break the range to the upside and break the high as well. After that, the instrument may continue growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 75.12 and 77.60 respectively, and then the fractal high at 87.09. At the same time, another scenario implies a rebound from the high followed by a new descending wave to break the low at 60.46 and then reach 23.6%, 38.2%, 50.0%, and 61.8% fibo at 58.00, 49.94, 43.46, and 36.93 respectively.
The H1 chart shows that a local divergence on MACD made the asset start a new correctional decline, which has already reached 23.6% fibo and may later continue towards 38.2%, 50.0%, and 61.8% fibo at 66.22, 65.12, and 64.03 respectively. The resistance is the high at 69.78, a breakout of which may lead to a further uptrend towards 76.0% fibo and the high at 69.97 and 71.07 respectively.
As we can see in the daily chart, Dow Jones has been updating its local lows for several trading sessions in a row. It started after a divergence when the price was moving inside the post-correctional extension area between 138.2% and 161.8% fibo at 33941.0 and 36620.0 respectively. The key resistance is the high at 35102.0. The current situation may hint at a possible reversal of the long-term trend. If it happens, the downside target may be 23.6%, 38.2%, 50.0%, and 61.8% fibo at 31100.0, 28632.0, 26620.0, and 24657.0 respectively. The key target is the low at 18186.0.
The H1 chart shows the descending correction, which has already broken 23.6% fibo and is now approaching 38.2% fibo at 33365.0. The next downside target is 50.0% fibo at 32829.0. After reaching it, the price may start a new pullback.