Massive 5th wave cluster coinciding with a pattern on the monthly chart
One of ht e biggest cap companies in the DOW in a macro PRZ (potential reversal zone)
Projecting wave 1 from wave 4 = 2.618 extension
Projecting wave 1-3 from wave 4 = 70.7% extension (not the best ratio for this work)
Projecting an external retracement from wave 3-4 = 161.8% extension
This also happens to have a pattern as well and last months candle was
Not looking good for longs... any break below 122.62 and I will be positioning short for a long term play down to at LEAST 103 if not 77 or much lower in a 3 wave correction
May take some time to do it - but I'm patient...
Funny how 2 of the top five stocks in the dow are tech stocks (IBM and Apple) and financial is #1 (Goldman Sachs)
Thing to note though is the Dow is price weighted not cap weighted like the S&P...
I guess it is no longer Industrial...!