Dow : This is IT
This is it. The Dow closed below the 20 week average and so did other US indices. Now daily weekly and Monthly momentum indicators are in sell mode. Wave wise wave E up over and we should be in wave 3 of a impulse down as shown on the chart. The next few weeks should be about a deep correction in the Dow and it will be accormpanied by other markets around the world. The monthly charts sport a continued lower closing for a second month confirming further the weakness from the negative divergence in the RSI.
The second chart shows the monthly candles. Oct was a hammer. Nov a doji with long legs. 17067 the low of this doji breaking will be a sign of downtrend and below the hammer low of Oct at 15855, the hammer will become a hanging man pattern, confirming that the bulls were indeed trapped [by the FED of course].