Recent posts have shown two competing a-b-c wave counts on the cash S&P500 index from the mid-August low. Both zigzag counts show the rally about to end without making a new all-time high. I still don't know which is correct but the Dow Jones Industrial Average (DJIA) is voting for one.
Today's chart is of the venerable Dow which also shows a nice a-b-c rally pattern from August. It is also showing a technical "sell" signal as of yesterday's close. While price closed higher last Friday the RSI (top indicator) failed to confirm. The Derivative Oscillator has now rolled over as well (bottom indicator).
In my view the retest of the July highs is failing.
No comments:
Post a Comment