Dow Jones Index Technical Forecast: BearishThe Dow Jones stock...

Dow Jones Index Technical Forecast: BearishThe Dow Jones stock index hit an all-time high of 31,188 before entering into consolidationThe index broke an “Ascending Channel” with bearish momentum, pointing to a deeper pullbackA 10 percent correction will lead to a test of the 61.8% Fibonacci retracement level at 28,100

Dow futures are down another 252 points at time of this post. Should the market tank to this above level during February without any news we are likely to hit new support levels.

This I believe to be the worst case scenario. The probability without news over the next two weeks are likely low so an entry point around fifty cents is quite reasonable. Should the next support level be met or breached I would see this as a golden opportunity.