DJIA on C?

I think it has been some times since I last record my view on DJIA.The last I recall was notation of its breaking the upward wedge and is on its way down. Nevertheless, it has been going back up recently, so I guess it would be good to have an up-date on this index.


Fig 1 DJIA Daily Chart

Somehow while gathering my thoughts on how to write this down, I have a flash of me being a Gypsy saying, " Look into the crystal ball...." It is as if I am forecasting the future again. I have been warned not to while I was experimenting fortune telling. Somehow all these things just catch my attention, may be knowing how to see the future gives me the sense of power over the unknown, but that might be explored in a future chapter.

Back to DJIA, its first down wave A was a 3 wave formation and the recent up wave is a C of B wave. So the next step should be ...... tada....down. The prediction seems to be supported by the 2 indicators Stochastic and RSI which are on a verge of coming down. Should this be coming down, the support level should be on 9,901, the last low.

Is there a scary part? I assume there is, A wave was a 3 wave pattern. If this is a zig zag with A a 3 wave, we should be seeing a ABCXABC wave pattern. Only the second set would A and C be a 5 wave pattern. If that is so, DJIA will stretch beyond its Wedge objective.