As we can see in the H4 chart, after breaking the high at 77.48 and entering the post-correctional extension area between 138.2% and 161.8% fibo at 82.19 and 85.14 respectively, Brent is correcting downwards but this pullback won’t be long judging by the MACD indicator. The closest downside target is at 77.48. The key support here is the local low at 65.03.
The H1 chart shows the potential downside correctional targets; right now, the asset is testing 38.2% fibo and may later continue falling towards 50.0% and 61.8% fibo at 80.37 and 79.57 respectively. If the price breaks the fractal support at 76.59, the market may start a new mid-term correction or even reverse. The key resistance is the high at 83.80.
As we can see in the H4 chart, after an update of the previous low and convergence on MACD, the Dow Jones Index is correcting upwards and has already reached 50.0% fibo. Later, this growth may continue towards 61.8% fibo at 34823.0. A breakout of the low at 33517.0 will lead to a further downtrend towards 23.6% fibo at 31500.0. The resistance is the high at 35631.0.
The H1 chart shows the potential downside targets, which are inside the post-correctional extension area between 138.2% and 161.8% fibo at 33055.0 and 32715.0 respectively. The resistance is at 35067.0.