Dow Industrials Testing Major Quarterly Fibonacci Price Level

dow jones industrial average important fibonacci extension price target level image

It’s truly amazing how important Fibonacci retracement and extension price levels are… and there’s no better place to highlight them than on a chart!

Today we look at a long-term “quarterly” chart of the Dow Jones Industrial Average (since 1964). Using 1974 as a major “quarterly” low and measuring that to the 2002 and 2009 major lows, we can draw out Fibonacci extensions to 261.8% and 423.6% price levels.

Here we can see that the 261.8% price level served as resistance for several quarters before becoming support… a support that held as a “low” this past March… perhaps another major low.

From there, the Dow Industrials surged higher and are currently testing another major “quarterly” Fibonacci extension level (the 423.6% Fib) at 30,250.

Will This Fibonacci price level impact the Dow Industrials? Stay tuned!

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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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