US30 by rex-94 — TradingView

Today, we witnessed a fundamental shift in price action for the Dow Jones Industrial Average (US30), with technical factors combining with positive political news to set the stage for a strong move higher.
🌍 Fundamentals and Geopolitics:
The most prominent event that has cast a positive shadow on the market is the end of military tensions and fears between the United States and Iran. This sudden stabilization was immediately reflected in the market opening almost immediately above the 51,000 level. This rise would clearly reflect the market’s strong desire to shake off risk-off pressure and return to bullish risk appetite.
📐Technical Analysis
1 Rising bottom and trend support: This indicator successfully built a clear and solid base of support on the back of a strong buy signal (shown by the green arrow), confirming the end of the previous bearish wave and the beginning of a new impulse wave.
2 Fibonacci Extension: Price is currently trading around the first Fibonacci level (50,536.98) and my personal expectation for the opening is to rush directly towards the upward extension level accurately drawn on the chart:
1.272 out of 50,767.92
1.414 in 50,888.48
The main target of this wave is reached at 1.618, which is adjacent to 51,061.68.
3 Harmonics and Expected Corrections: Depending on the expected harmonic model and detected cycles, we may see two consecutive moves after achieving these cap price extensions and taking initial profits:
A temporary bearish correction wave will retest the broken support area and gather new momentum.
Returning to the upside again, completing the bullish trend and heading towards a new historical peak.
📊 Next stage engine:
We must remember that this optimistic technical scenario is conditional and mainly depends on:
Upcoming economic data: (such as inflation gauges, jobs report, and Fed decisions).
Corporate earnings results: This will provide real impetus to continue or slow growth.
Share your opinions and expectations in the comments. Do you think the Dow will continue this price explosion? 📈👇
⚠️Disclaimer:
This analysis expresses personal opinions, technical interpretations and current market conditions and is not considered a direct buy or sell recommendation. Trading involves a high level of risk and this material is provided as technical advice and insight only. Always manage your risks wisely.