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DOW JONES Industrials Selloff Forecast (DIA As Proxy): The Setup

AMEX:DIA   SPDR DOW JONES INDUSTRIAL AVG ETF T SER'1' UNITS OF BEN INT NPV
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With the DOW positive for the year 2016, a Bearish Bat formation is developing. Here is the step by step setup: A 50% retracement of Impulse leg X to A is DOW 16,576; the C to B impulse leg approximated a point D downward reversal at 17,150 (a Fibonacci 1.618 level); the X to A impulse leg suggested a downward reversal at 17,233 (a Fibonacci .786 level); the DOW reversal at point D went slightly higher, but should retrace to the .786 level of the C to D impulse leg, or 15,976. If support fails in this area, a 1. 618 retracement is approximately 14,231. The current RSI is coming off its highest levels of 2016, suggesting an extremely overbought condition. I do own DOG, as well as SH and RWM . These three issues rise as the DOW 30, S&P 500 , and Russell 2000 fall. Needless to say I think the markets are setting up for some large declines. All of my technical work is based on daily chart time calculations. I offer these suggestions for your consideration. Best regards, Don.
Comment: I noticed that my chart my be too large for reading. Please anchor your cursor and move the chart around so that you can view the XABCD impulse legs of the bearish bat formation. Yours for better trading, Don.
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