Good evening to all,
After looking again at the charts over the past few days, I am going to call the minor spike in the DJIA, which occurred on Friday, wave (4) in this larger (C-3) downwards trend. I had speculated in my last posting that the fourth wave would not retrace a full .618% in this correction but only up to lower fibonacci retracement points, meeting 50.0% at its max. After finding resistance on 23.6% late on friday, I believe the market poised itself for the coming action this week, which should include the expansive/emotionally panicked (5)wave of this downward trend. Based on this, I believe that the DJIA should continue its motive trend down for roughly another $850 dollars bringing the DJIA to the area of $10,500, before an (A-B-C) wave correction gives new insight to the strength of the trend to come.
As always enjoy the action and we'll see how far these guidelines will continue to apply.
All the best,
Warren
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