DOW JONES INDUSTRIALS
via Enda Glynn and Bullwaves.org
My Bias: market topping process ongoing Wave Structure: Impulsive 5 wave structure, possibly topping in an all time high. Long term wave count: Topping in wave (5) Important risk events: USD: Existing Home Sales, Crude Oil Inventories.
The DOW topped in wave '3' blue today at 21539. Wave '4' blue dropped back into the rising trend line as expected. The low of the day so far reached 21464. As I mentioned last night wave '4' blue should not drop into the price territory of wave '1' blue. That level lies at 21407. I am watching the level at 21455, Which is the 100% projection of wave '1' blue. This level should offer support to the market.
For tomorrow;Watch for a higher low above 21455.This will signal wave '5' of 'iii' is under way.Wave 'iii' pink is projected to reach 21586.
30 min
4 Hours
Daily
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