My first idea posted that this may be a triangle consolidation turned out to be wrong (see link below) . I still hold out hope we are not yet to the top. If you don't ever use EW ignore the numbers. As I have mentioned before it is somewhat unusual for a major top to start with the weekly RSI >than 75 (here is was 92). Most often when it is that overbought there is a correction followed a another rise to a new high or a double top with less enthusiasm and the RSI staying <75 and often <70. Also there is a potential major "positive reversal" in the weekly RSI (thick dashed lines) which often leads to a new high. I've draw 2 possible channels if I am correct. Just ideas for you to consider. Process your way.
Comment
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Looking back as far as the current data I have here on tradingview I see only only moderate to large drop where the weekly 14 day RSI was greater than 75 when it started. This was in 1987 (highlighted with rectangle) and then there was a bearish divergence in the RSI. This doesn't mean this time cannot be an exception! BUT is does make be favor there will likely be more advance to come.
"Dow Jones Industrial Average" ------ Something to think about.
Part "A"
September, 1929 High 386.10 -- Minus -- August, 1921 Low 63.90
Total point gain = 322.20 -- Total percent gain = 504.22535
Part "B"
504.22535% -- Times -- .618 = 311.61126%
Part "C"
March, 2009 "Great Recession" low 6469.95 -- Times -- 3.1161126 = 20,161.09
6469.95 -- Plus -- 20,161.09 = 26,631.04
Part "D"
"Dow Jones Industrial Average" -- January, 2018 High to date = 26,616.71
Part "E"
"Dow" November, 1916 High to September, 1929 High are similar to
"Dow" January, 2000 High to present time. (May not be complete yet ?)
This is for information only -- "Education Only"
"One Eye Jim"
jeffreyjim
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I agree this "May" only be momentum high not price high.
Some examples listed below for Dow Jones Industrials.
Using my number systems for Ultimate Oscillator. "Overbought -- Oversold"
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Ultimate Oscillator End of Month Close = Level 5A Overbought
A = February, 1929 = 77.6647
B = August, 1955 = 73.9916
C = June, 1986 = 72.4521
D = January, 2018 = 74.5352 -- Second highest reading ever.
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Ultimate Oscillator End of Month Close = Level 5B Overbought
A = April, 1929 = 75.2844
B = August, 1955 = 70.6149
C = June, 1986 = 68.3147
D = January, 2018 = 70.3312 -- Third highest reading ever.
This is for information only. -- "Education Only"
"One Eye Jim"
Part "A"
September, 1929 High 386.10 -- Minus -- August, 1921 Low 63.90
Total point gain = 322.20 -- Total percent gain = 504.22535
Part "B"
504.22535% -- Times -- .618 = 311.61126%
Part "C"
March, 2009 "Great Recession" low 6469.95 -- Times -- 3.1161126 = 20,161.09
6469.95 -- Plus -- 20,161.09 = 26,631.04
Part "D"
"Dow Jones Industrial Average" -- January, 2018 High to date = 26,616.71
Part "E"
"Dow" November, 1916 High to September, 1929 High are similar to
"Dow" January, 2000 High to present time. (May not be complete yet ?)
This is for information only -- "Education Only"
"One Eye Jim"