DOW JONES INDEX MONTHLY GANN ANALYSIS 06 AUGUST 2024

Dow Jones Index hits a all time high around 41400 the death zone in Gann Theory. Now we near Momentum level of 38400. Its has support till 37800. If either of the levels are held we can see recoevry soon. If broken then we may move towards the 36000 which acts the centre of gravity. we saw a rise of nearly 9000 points on the index. Currently we have corrected nearly one third of the recent rise. The rise was seen for 9 months at a rate of 1000 points per month. Also single month we saw a fall of 3000 points on it. Earlier rise was 18000 points from covid lows and correction thereafter was 8000 points. We need to watch the price action near the cluster supports of 38400 and 37800.
Happy Trading !!!