DJI30 Technical W Bullish Pattern Formed in 4h Time Frame

Even though income data was lower than expected in the USA, the high NFP number suggests wage pressure may be imminent on company earnings in the USA – one of the reasons why the DJI30 was sold yesterday. The price might reject from the POC zone 25054-25240 as we see a strong confluence of technical levels and W 1-2-3 bullish pattern. Point 2 of W pattern sits precisely at M Cm (monthly camarilla level) and should keep the pair supported. However the index needs to make a 4h close above W H3 – 25611 to proceed further up towards 25890-959. Initially, the price might reject from the level. Above 25960, the target is 26388.

A drop below W L4 -24775 and the price might go further down towards the trend line and 24277

W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)

W L3 – Weekly Camarilla Pivot (Weekly Interim Support)

W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)

POC – Point Of Confluence (The zone where we expect price to react aka entry zone)