Dow

Been a day of staring at my charts and wondering if I have a clue! However, starting with the bigger chart, this definitely looks like a 'b' leg being worked off now, if not finished. You can label it 1-2, 1-2 if you like but I prefer 'abc's. If you look at the momentum cluster in the sub chart, there is definitely no 'c' leg in that formation and 'b' is only just recognizable, suggesting it isn't done yet, or it is not getting much interest.

The second chart shows price up at the 4hr bolly band and not a bad marker for a retrace to end or at least bounce down. As mentioned yesterday, the 60min, 4hr & daily sit lower at the 14600, providing firm support or a ledge to push through. Either way, I'd expect that area to get re-tested, especially as the 100 day trend from the first chart is down and we are already at the 50% retracement zone of this last move down.

The 25 day trend is also clearly down (half trend below full trend line) and this whole move looks corrective however you want to count it, due to the overlapping waves. I can not see this as a leading diagonal given the uneven momentum running up to this last leg and prefer the 'b' looking to end and 'c' coming.