My was malformed on my other DJIA chart....it ended sooner than I thought it would. This is an update...but nothing has really changed, long term.
The previous low of 15450 on Jan 20th 2016, could be a first wave down, where we are just now completing wave 2 up. 1st Feb is wave a, 11th Feb 15503 wave b and possibly an Ending Diagonal for wave c...up from wave b and, so far, within converging trendlines. If correct, this would give the next wave down a thrust back to the origin of the Ending Diagonal to 15503 in short order. The length of the third wave would be expected to be > 3700 points. I will post a chart on my site, possibly today. trackthemarkets.com
I also notice that other global markets could be very bearish patterns. If correct, this should dominate the news cycle for some time. This is not the time to have any exposure to the global markets...unless you are short.
Higher prices per barrel of oil also helped to justify the cost of a hydraulically fractured well.The United States is once again one of the top producers of oil and gas. Greater domestic oil production is a net positive for the United States. However, as oil-producing country (and not just an oil consumer), the United States now also feels an unpleasant pinch when oil prices drop.