Dow Industrials: Final Top Or Correction?
Ed Carlson | Aug 16, 2016 12:07PM ET
Olympic host, Rio de Janeiro, is getting a lot of coverage in the media and not all of it good. Much of the news is bad and yet the games go on…similar to the equity market.
Lindsay’s Three Peaks/Domed House pattern has passed point 21 (July 20) and the question becomes, ‘is the Dow headed into the final top at point 23 -- or is it engaged in the typical 3-5 wave correction seen most of the time at this point in the pattern?’ An example can be seen in March 2015 (lower case roman numerals in green).
Also, the Dow Utilities index is refusing to confirm the new high in the Industrials -- historically not a good omen.
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