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Dow Jones could reverse from 26400/500 levels

DJ:DJI   Dow Jones Industrial Average Index
The Dow Jones continues to print higher highs for now, as Wave C progresses within A-B-C corrective rally, as discussed earlier. Please note that wave C would be equal to wave A around 26500 levels and also the fibonacci 0.786 resistance is seen through 26350 levels, indicating a pretty close convergence. We are now changing our stand fro neutral/bullish to bearish from around 26300/500 levels. Also note that risk remains above 26950 levels and potential targets are seen below 23000 levels going forward. The wave structure until now looks to be 5 waves down, labelled as (1), followed by 3 waves up, labelled as potential wave (2) around 26300/500 levels until now. If this wave count holds to be true, we could see a sharp wave (3) or (C alternate) lower towards 23500 and further. Overall, bearish outlook remains until prices stay below 26950 levels.


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