Dow Industrials EWave count
The move off the alltime high in the INDU has had 1 motive wave and completing one corrective wave. The 288 point drop is 2x a fibonacci number. The corrective wave looks like a zigzag with the zag about to complete early tomorrow. If the futures are wild tonight, there is a good chance of a pop-and drop tomorrow.
The severity of the drop could take the price down to the 11900 area, or deeper into the 11600 area.
The RSI, MACD, and Stochastics gave simultaneous sell signals. Bollinger bands are widening to allow for price volatility as anticipated by the VIX. The price penetrated the middle of the bands. This is not a good sign. The price usually bounces off the middle of the band, or it moves from one edge of the band to the other. There should be enough momentum for the price to continue its overall downward movement before it makes contact with the lower edge near the 11950 area. This would also raise a flag by crossing the 50 Day Moving average.
