Dow run down

Daily chart

I have added small dashed trend lines that join the 100 day lows. The wide dashed lines are not ‘100 day low joiners’ and as such are seen as interim support from 'inside wave' action. Waiting for a turn down into the 75 day low and then the 100 day low. There seems to be a symmetry about the decline from the top that suggests the trend lines marked with blue and red arrows below 'fit' the time structure. Of course, I may just be seeing things!! For now though, the daily momentum study suggests a 'B' wave has been unfolding.

240min Chart

I have been so bold as to have assumed that this ride up is in fact a 'B' wave and thus drawn in a new Pitchfork (Andrews), which may be premature but I can always remove it if need be. The momentum study is looking overbought and would support a decline from here, but this drive up looks solid so far. Interestingly, the median line is at the junction of the 25day FLD trough and the 8hr bolly perimeter. This will mean having to cut the minor trend lines created in the ride up, so the price action around those will help clarify whether we go now or later, if at all. The 75day/100day trend lines sit in between too, and a solid drop trough them may help to dispel the bullish set up in the next chart, or not as they case may be. No surprise then, that approx.  15000 is decision time again.

10min chart

Those blue bars in the sub-chart continue to suggest that the trend is up as they cover all the Hurst Cycle MA crosses up to the 50 day trend. As we can see in the last chart, price is also above the 75day and 100 day MA band too, but the pinch there suggests vulnerability and would turn down with any pressure from below. The hourly momentum cluster has been rolling around as price ground uphill but the price envelopes suggest the weekly (red) trend is changing here. For how long is another matter of course, but while price and the daily price envelope (green) remain in the lower half of the weekly channel and more importantly below the pink FLD, there is an opportunity for those blue bars to start turning red. There is always a decision to be made as to whether to follow the main trend or play for a turn, and there is enough information here to suggest the latter is worth hanging on to for now. 14.00GMT is the daily decision point and looking for this downhill dribble to start gaining some traction.