Dow hits fresh record high above 20700
|Dow surged to fresh all-time high at 20719, after weak US data pushed the greenback lower.
The index extends the latest bull-leg from 19713 (31 Jan trough), resuming the rally after brief consolidation in past three days.
The price is riding on extended wave C from 19713 that broke above its FE 200% at 20650 and could travel to 238.2% and 261.8% Fibonacci expansion at 20829 and 20940 respectively.
Strongly overbought daily studies warn of correction but no bearish signals being generated for now that leaves room for further upside.
Immediate supports lay at 20645 and 20600, ahead of 20500 zone, where recent consolidation was contained.
Longs on dips above 20500 remain favored scenario for now.
Res: 20829; 20900; 20940; 21000
Sup: 20650; 20600; 20500; 20380
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