Bearish Bat Completed In DOW Industrials Using DIA As Proxy

This is the second DOW sell chart I am submitting. The first was daily, this one is HOURLY. My suggestion is that if you have an idea for an hour chart, do a fractal at least three times longer in time duration (i.e. one hour equals three hour fractal). The purpose of this submission is to see if the hourly chart is close to the daily. In this case they are. With the DOW positive for the year 2016, a Bearish Bat formation has completed. Here is the step by step setup: A 50% retracement of Impulse leg X to A is DOW 16,580; the C to B impulse leg approximated a point D downward reversal at 17,032 (a Fibonacci 1.618 level); the X to A impulse leg suggested a downward reversal at 17,235 (a Fibonacci .786 level); the DOW reversal at point D went slightly higher, but has started to sell down and should retrace to the .786 level of the C to D impulse leg, or 15,989 (red line on chart). If support fails in this area, a 1.618 retracement is approximately 14,237. The current RSI is coming off its highest levels of 2016, suggesting an extremely overbought condition. I did not include RSI in this submission because the bearish formation is the key of this work. Also, the end of impulse leg C to D is the fifth lower top for the DOW dating back to November of 2015. I believe this is yet another bearish confirmation. 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. I offer these suggestions for your consideration. Best regards, Don.