Dow Jones (DJIA): Reversal On Cards?

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 Dow Jones daily chart


Analysis

From the above chart, it is very clear that prices are moving in a sideways direction particularly in the range of 34,500-32,000 levels. The moving average has also whipsawed numerous times, indicating the trend is sideways. However, MACD which is shown in the lower panel is exhibiting negative signal suggesting that the index is on the brink to reverse or change the trend. 

The index continues to move in a lower highs and lower lows fashion and it is moving in a falling channel. The recent up move has not discontinued the lower highs and lower lows.

As per Wave theory, prices are moving in corrective fashion (A-B-C) or complex correction pattern (W-X-Y)  where wave A/W and wave B/X is over or on the verge to complete and wave C/Y will start which can drag prices towards 29,000-28500 price zone.

The summation is Dow Jones is negatively poised and can falter towards 29,000-28,500 price zone over medium term.

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