Dow

The Dow and all key US indices now have a clear 5 wave decline on their respective daily charts. This means that near term we should mostly get a pullback retracement rally in the US indices before the next leg down. For the Dow the wave iv high of 25293 or 61.8% at 25370 could be touched before we head any lower from here based on this. The Sentiment also hit close to an extreme in the S&P at only 10% bulls on the DSI, This means that everyone turned bearish in the US very quickly and that needs to be relieved. On the chart below you can also see the RSI indicator near the yellow line and there is a small positive divergence, meaning that the RSI made a higher low when the Dow made a lower low in wave v.