DJIA likely in C wave downward

I originally wanted to write about DJIA in my last blog,but it was inappropriete. I have decided to start a new entry for this.


Fig 1 DJIA Daily Chart

As I read on the Dow, both the Stochastic and RSI are heading south but at the same time is at the bottom of the scale. This is normally the extreme end indicating over sold situation. However, it is also possible that the indicators will STAY for a while. Now even if the indicators rebound, it is possible that gains from indicators does not reflect that of the Dow itself. The indicators can move all the way up but Dow move marginally.

If I look at the pattern itself. Dow is presently following a very steep negative gradient of the Gann Grid line, it is likely to be travelling at great momentum downward.

Further to that, it is possible that Dow has completed a 3-wave B and now fulfilling C. If I consider Dow on a Swing move, its objective is 9,211. Its support is between 9,614 to 9,895. Resistance wise, 10,495.