Brent
In the daily chart, after falling and testing the first correctional target after divergence at 23.6% fibo (62.90), the asset is moving upwards and heading to break the high at 77.48. However, al long as the price is moving below this level, the market may yet start a new decline to reach 23.6%, 38.2%, 50.0%, and 61.8% fibo at 62.90, 53.88, 46.65, and 39.40 respectively.
As we can see in the H4 chart, the current rising wave has broken 76.0% fibo and is approaching the high at 77.48, a breakout of which may lead to a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 82.21 and 85.14 respectively.
Dow Jones
The H4 chart shows that another descending wave has re-tested 38.2% fibo. Possibly, the price may form a short-term pullback and then resume falling towards 50.0% and 61.8% fibo at 34334.0 and 34027.0 respectively. The resistance is the high at 35631.0.
As we can see in the H1 chart, the asset is correcting upwards after convergence on MACD; it has already reached 38.2% fibo and may later continue towards 50.0% and 61.8% fibo at 35018.0 and 35138.0 respectively. A breakout of the low at 34517.0 will lead to a further mid-term correction.
