The following weekly chart of DOW 30 captures most of the upmove since the bottom made in 2009.
I am considering two probable counts shown in red and blue, at this time. In either case it is possible that move that started from 10th Feb 2016 is a wave 5 of some degree, which may be forming an ending diagonal and may be close to completion. The broader counts will likely change if the upward trend-line of the ending diagonal shown on the chart is decisively broken to the upside.
The daily chart below shows the count for the up move that started on 10/2/16. Couple of points to note
- Although the actual low was on 20/1/16, I am considering that the bottom was made at a higher low on 10th. The previous wave 4/iv seems to have had a 5th wave failure in wave c. This consideration brings DOW in line with SPX counts.
- The prices may be forming an ending diagonal. Since c is shorter than a, e has to be equal or shorter than c, since wave 3 can not be the shortest. This sets the target for completion of wave 5/3 at or below 19488. In case the prices go above that it will open new bullish possibilities.
