DOW M May

In US indices Q2 warning was given of the coming top.

Looking on the monthly interval if prices don't hold here there is a large gap down to a cluster of ML's starting at 16913 from d123ML, followed by 16777 to the W0123MLL, followed by 16607 from the M234MLL.

Resistance just above this months high on the QMLU at 17950.

DOW M May

Looking at the weekly interval we can see if prices open below 17602.14 then in all probabilities what is shown as d2 is actually failed 5th of W2.  If we open above this then it is likely we will get a new ATH to make D1, however that looks unlikely based on the monthly interval as prices have already dropped below the possible d-12MLL as you can see above.

DOW WC 16May

We can see support starts on the potential d012ML at 17320, followed by W012MLL at 16919.62, and finally from the M234MLL at 16607. D2 is expected on the M234MLL.

3 Responses to DOW M May

  1. Profile photo of joe latti joe latti says:

    @marc we opened at Open:
    17,531.76

    BELOW the 17602.14, but then proceeded to jump much higher…Not sure what to make out of the MAP

    anyone read it diiferently??

  2. Profile photo of Michael Michael says:

    Looking at the weekly interval we can see if prices open below 17602.14 then in all probabilities what is shown as d2 is actually failed 5th of W2. If we open above this then it is likely we will get a new ATH to make D1, however that looks unlikely based on the monthly interval as prices have already dropped below the possible d-12MLL as you can see above.

    $DJI is tracing at 17,660 today … am I reading you correctly that you expect a new ATH from here?

  3. Thanks as always for the great analysis and helping to guide us along Marc. I think it is worthwhile to add that the short term potential map wave supports and downside risks are aligning with MA and others’ – primarily the ~17000-17100 area – especially with what appears to be a head and shoulders top forming on the daily chart. Bearish!

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