The Dow is perplexing because it’s move from the June low appears to be only 3 waves, and this move is too low to immediately expect new all-time highs just yet.
However, just focusing on the recent price action on $DIA, I think we can make at least a short-term projection. We remain in a upward-sloping bullish channel, have something of a bullish continuation wedge going on now and the drop from August 16th onwards is very close to parity between the two legs with RSI divergence in the short-term.
So: at a minimum, I expect a bounce to the orange target box.
[UPDATE]: Since this fell entirely out of the channel prior to rallying, I will file this under “Unsuccessful Calls.”
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