Dow Jones hit new record high above 23000 on Wednesday. The index continues to trend higher in uncharted territory, supported by strong US economic data, upbeat earnings reports from top companies and hopes President Trump will be able to pass his tax program.
Dow moved from 22000 to 23000 milestones in exactly one month, taking half the time for advance from 21000 to 22000.
Strong uptrend from mid-Aug correction low at 21580 shows no signs of running out of steam, despite overextended daily / weekly studies.
The price is running on the third wave of five-wave sequence from 21713, which broke above its 123.6% Fibonacci extension at 23002, eyes next target at 23121 (FE 138.2%) and could travel to 23283 (FE 161.8%).
Rising 10 SMA which tracks the recent bull-leg since early Sep offers solid support at 22825.
Res: 23050; 23121; 23283; 23383
Sup: 22961; 22886; 22825; 22778
