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Dow - To break or not to breakout

23 Mar 2016 ‚óŹ 06:56 AM

The Dow has had a deep retracement of the Dec-Jan decline, so deep that you may question the previous decline itself. Still the preferred wave count is that the rise is wave 2 in a deep retracement and if so then it should reverse somewhere. Prices are above the pink trendline [that touches the tops of 2000 and 2008], and are kissing the falling blue trendline from the highs in May of 2015. RSI at 73 and daily sentiment of bullish opinions at above 83% puts a fair chance of a wave 2 top here. But we need to see actual price action.

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