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Dow Jones index reverses higher from support near 52,250
The rebound is linked to an active minor impulse wave toward a nearby resistance level at 53,500.
The Dow Jones index recently turned upward after reversing from a support zone around 52,250, according to Action Forex.
The analysis cites the area as aligning with prior resistance from June, the 38.2% Fibonacci correction of an earlier June up move, and the 20-day moving average.
Action Forex also frames the reversal as the start of an active minor impulse wave iii within an intermediate impulse wave (C) from March, and expects the index to move higher.
The next resistance level is identified at 53,500, which had previously halted an earlier impulse wave i.
Latest closeDow Jones 52,487.41 ▲0.3%