Dow Jones produces a shooting star after hitting 26647

Dow Jones had rallied yesterday through 26647 levels only to find resistance again. The indice seems to have carved a lower degree Wave 2 since 27636 highs on June 09, 2020. It still remains possible for a print above 26800 mark, but probabilities are getting lesser with each day passing. The larger degree wave structure is pretty clear with potential Waves (1) and (2) already in place at 18200 and 27636 respectively. If the above holds true, Dow Jones should stay below 27636 mark and proceed lower towards 18200 levels as larger degree Wave (3) progresses. The Right Shoulder of Head and Shoulder pattern is also potentially complete at 27636 mark and the indice should turn lower.

Strategy:

Short against 29600, targeting below 18200

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