Whether counting from the 1974 low or the 1987 low or, indeed, the 2009 low, there is a cluster of Fib retracements around the 20000 level.
I believe that is a reasonable least retracement needed for this uptrend to continue.
Moreover, the line rising from the January 2000 top which takes in the March 2015 top and the bottom of the channel rising from the March 2009 bottom, are converging in exactly the same area.
Finally, although the daily and weekly technicals have unwound somewhat, the monthly has some ways to go still.
All in all, combined with fiscal, economic and social policy globally, the DJI should benefit for some years to come.
The yellow vest movement in France, Brexit, Trump, Kurz, Duterte, Salvini and Di Maio, Imran Khan, Bolsonaro, the rise of the AfD in Germany and many other dynamics, are symptomatic of a global change in mood that has been simmering since the Great Financial Crisis of 2009.
Incumbent politicians in the industrialized and bankrupt West however, are digging in their heels and are fighting these events as if they were local and isolated dynamics.
They are not.
In a globally centralized monetary system where presumably independent countries have been running largely similar fiscal and economic policies, the Piper is now knocking at the door.
That is supportive of the DJI that, comparatively speaking, represents a safe haven.
Once again, this is a time for tweaking hedges.
Of course, if you got in at the top, you may be smarting from the recent decline.
But I don't see anything fundamentally broken with recent price action and am managing hedges whilst gradually accumulating some shares.
In my view, Wave 2 of a Supercycle started rolling down