Dow

Looking at the hourly momentum cycle for the Dow I sense that maybe this is more correct. Wave 3 only ended yesterday and wave 4 up bounce on the back of the announcement of endless QE occurs now and goes back to the wave iv high at 20530. Watch if we get a failure at that level then we can call for wave 5 down. Another indicator that fits this is the study of momentum cycles and here on the hourly chart for wave 2 we saw momentum go back to zero but for wave 4 so far we are still not back at zero and that is why maybe it is not yet complete and the bounce in the next 2 days should help this happen. Then we start a new cycle in wave 5 down.