DJIA Minor Correction to 12400

The recent bullish rally has been stopped by the poorer than expected GDP report of 2.8% instead of the 3.0% that Wall Street wanted.

Furthermore, the Dow Jones Index has hit a previous resistance set in May 2011, a correction is expected as buying pressure eases and profit takers start to unload shares.

Based on Fib 38.2% retracement level and previous support levels as shown by the blue markings, I strongly believe that the DJIA will correct to 12400.