DJI 30 (US30) Chart Technical Outlook

DJI 30 (US30) Chart Technical Outlook set to extend higher to 34,116
The fact that the war in the Middle East has not escalated over the weekend has resulted in a relief rally in global indices.
The eight-hour chart highlights a complex 5-3-5 correction completed at 32,827. This would indicate that we are now within the next bullish cycle.
Bespoke resistance is located at 34,116. The prime medium-term barrier is located at 36,215. A 261.8% extension from 32,827-34,116 is located at 36,216.
Conclusion: the medium-term focus is to the upside. Although there is scope for a mild correction from 34,116, we look for dips to be bought. Prime support is the previous swing low from September 27 at 33,318.
Resistance: 34,116 (bespoke), 34,384 (AB), 36,216 (261.8%)
Support: 33,546 (projected right shoulder), 33,318 (base from September 27), 32,827 (swing low)

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