Is Dow Jones reversing again?

I remember the last time I witnessed Dow reversal was sometime during 2017 or 2018. I have just attended a class on trading by Sandy Jadeja. Dow just flipped and started its down trend. It followed by a plunge that lasted for a f week, then a side trend of close to half a year before it crept up slowly to its previous high....which then plunged one more round.

Fig 1. Dow Jones weeklychart

Dow has been climbing up lately since January this year. It shot up to a new highat the end of last month (October 2021) and began to retreat for 4 weeks now. Lately it has just crossed 21-week moving average with resistance moving back up. 

If basing on the classic technical analysis, we can consider Dow to be doing a non-failure swing, it went to a newer high,  followed by breaking of the previous higher. It does have to cross the previous low for the trend reversal for more confirmation.

Using Fibonacci projection and extension measurement, Dow has just retreated from the 127% projection and the 161.8% extension resistance level, there is also a Bollinger envelop in it's way.

Indicator wise, divergence is seen on MAC where every higher high in Dow is countered with a lower high on MACD. Most likely  Dow is preparing for its own descent.

as for thebar this week, while there is a long tail at the lower body of the bar, it nevertheless did not manage to turn green at the end of the week. The last time I trusted this a reversal bar, I got burnt. So based on my system, I will not go long on this.

My feel is that it will continue to go downward in the coming week, at least until it reaches  the 55-week moving average when another serious decision has to be made by the Dow.

The level to watch is 33,330 where the 55-week moving average lies. If this support level is broken, the next level is 32,543, where the 100% projection line is located. As far as I am concern, Fibonacci line seems to act like normal resistance, which can turn from resistance to support. Coincidentally, the projection line also located very close to the 127% extension line.