US30 new bearish trend , All time high rejected, 16400 in sight

FX:US30   Dow Jones Industrial Average Index
Been keeping an eye on Wall Street as its reached an all time high with price rejecting it. After a bearish engulfing on the weekly we can now see a rally down back to the 16,000. With Fib C in place on a previous demand & supply area where the market has produced engulfing candles in the past this is an important area of confluence if you zoom in for P.A on the lower time frames. A break of the T.L going back to January 2014 and a retest and continuation to the downside to Fib D extension at 1.618% fib retracement is where I've got my target. Bears also showing rejection on the monthly candle.
Great analysis!!
Looks like Crude Oils decline to $50 will bring Wall Street down so I agree with your analysis.
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