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Dow - Trend reversal

29 Apr 2016 ‚óŹ 04:09 AM

Dow - or the DJIA turned lower and closed below the 20dma. After a 5 wave advance and negative divergences this should be a trend reversal. Should we mark the recent high as wave 2 or 5 or X will remain an ongoing discussion with no perfect answer at this stage. I have put an X there for now. The implications are first for a test of 17484 near term and then staying below that up to the lower channel line at 15500.

dow290416

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