The behavior of the price of DJI is similar to the behavior of SPX - a triangle is formed. Technically, the wave (e) is complete, but it can reach the level of wave (c), puncturing the face of the triangle. I expect the fall to 20400 points.
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The fall option is canceled. I did not notice such a scenario before. Below is the current situation. First targets 26600 - 27500
L@@KING at this again today I have to agree more with you. The descending triangle formation likely leading to broken support @ Dow 23300 >' support inversion' = 23K level becoming resistance after a sharp break down. Probably gonna be a 20% decline from ATH 26650. Look for Fib 0.781 support at Dow 20814.
@DaddySawbucks, In fact, wave (e) has now formed a 5-wave. This can be either (a) of (e), or wave 1 of a new upward movement. While it is necessary to observe. There is a possibility that the correction is over.
DaddySawbucks
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Agreed the trend is still bear but some very strong support ~23500; I rather favor the sideways 'stagflated' market that grinds along a trading range for months while options expire worthless and shareholders collect dividends.
stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:descending_triangle_continuation