Short trade correction idea

INDEX:DOWI   DOW Industrials
311 5 0
RSI is above 70 (because this is a heavy index RSI usually stay in between 30 -70)+Kangaroo tail w/big wick after 10.5% advance+MACD near crossover. This price action tells me we might see some sort of correction to 17.340 level. This is by no means a "SHORT INDEXES" trade. Just a minor throwback before Dow Jones continues to climb higher
Hi, DOWJ has raised to 17879 last night. It did not go down to 17340 as you expected although its' RSI is remained at oversold level. Do you still see there is a correction to 17340 level? When do you expect it to be happened? Thanks!
I continue to observe increased negative divergences between stock prices to rise and indicators that I follow. The sharp rise in recent weeks was parabolic and left several "gaps", days when the indices opened to a value higher than the previous day's closing leaving a space. The parabolic ascents do not end well and this will be no exception. There relevant gaps in the S & P500 in 1905 points, the Dow Jones in 16,401 points and the Nasdaq 100 in 3872. This tells me that the indices will fall substantially in the next relevant decrease for at least these values, then possibly exceed the minimum of 15 October.
The S & P 500 has strong resistance at 2,094 points and the Dow Jones in 18,300 points, the indices can not reach these levels.
The reversal may begin soon, problably in the beginning of January 2015.
OMBS Leo.Ash
I don't fight the trend, but I see also lots of divergences and weird things. Market has been peculiar this year. Still the thing a care about the most is price action & we are making new highs after testing key MA.
I still bullish, i expect a small pullback next week then a final run before the big correction i mention in my last reply
Nasdaq COMP & 100 opened 21/11 with gap but gave almost all the gains and finished at session lows. This aint pretty also
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