Dow Jones started its descend

It was only recently that I didan entry on Dow Jones titled My family Clear bright festival, and is Dow Jones' ascension without end? dated 23rd March 2024.

While I suspect that Dow Jones may reverse downward, I believe that Dow Jone may stll have a little upside space before its reversal.

Dow did an attempt to climb higher the week and failed. 

Dow Jones experienced a continuous 2 weeks of descend since, with momentum!

This created an engulf candlestick pattern, with confirmation.

Has the Dow Descend started?

Fig 1. Dow Jones weekly chart

In its more major move, it seems that Dow Jones has reached its 100% projection objective causing its recent reversal. 

Its descend was only stopped by its 21-week moving average. 

At the same time, divergene is seen on MACD, giving me confidence of its downward intention.

I believe it may pause shortly in the coming week or 2 before continuation, f I consider a gentler downward movement. 

If it maintains its momentum and break through the 21-week moving average, we may see the 3 black crows confirming its intended direction. 

The first support level I see is between 36,597 to 37070. Breaking this level will lead to the next support level between 25,297 to 26,223. Coincidentally where its 55-week moving average is at presently.

I believe Dow will have to reach this level for this descend, I believe in the strength of the 55-week moving average than that of the 21week.