Similar like my previous 2 analysis on the other US indices, I do also see DOW is shaping up for the bearish price action.
On the higher time frames, price has formed a larger ascending structure, correcting the price up. As we know ascending structures are reversal in nature. So the bias is to look for potential selling price action development.
We can see the latest development, that a reversal correction was formed after a lower time frame push up.
Price then reverse and impulse down, out of the higher time frame structure, good indication for further downside potential.
Now that price has formed a LTF continuation correction, be on the look out for further bearish price to continue IF price can break below the previous lows, nd continue the down move to other previous lows as well,
Thank you
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Higher Time Frame:
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Broke the previous low impulsively, wait for continuation correction