Dow

The US index has risen in 3 waves up and touched the falling trendline from the highs. The S&P has not touched it yet. But with 3 waves up done we can get a down move. The move down can be the start of a major decline or as an alternate we might see it as wave E of a triangle down to the neckline at 23374. In short it is possible to get a dip back to the lower end of the range. If the lower end breaks then this triangle is a distribution and complete and US markets will fall more rapidly. But if the low holds this is a wave 4 triangle and prices will retest the high in wave 5.

Trend channels suggest that one more move to the upper end is needed to complete a 5 wave move inside the channel. The lower end of the channel is acting as support for now.