Simple head and shoulders pattern. May lead to a correction in stocks, but too soon to tell. Certainly a correction is coming unless the Fed pumps the market with so much liquidity they are forced to buy the dips!
I am anticipating new all time highs to be made again next week on the US30 and other equities.
Trendline, fib 0.786 and 28,500 key support level holding price now.
Long term target is DOW TO 30k baby!
I assume based on Dows failure to rally, perhaps this is a sign that market wants to turn around
At each test of resistance, after dropping more than 500 points, the market has continued to push bearish as well as the Divergence also validating the direction.