Oct 9, 2016
Nothing happened this week. If you read the last post it is the same... no need even to update the charts. I expect move lower before we can think of a bottom. The move is corrective and choppy, looks like a triangle. The down trend is in tact, the price action develops below the MA50 on the daily chart. I can not imagine this to be the start of a move higher... first we should see some spike lower and fear before any reversal higher. The only change - because the move continues for too long the scenario with lower low looks more probable now. DJIA hourly chart the pattern is more clear. It looks like triangle for wave B. It is too long for small wave b of 2 so the scenario with lower low has higher probability.