At 11:25 today, I took a snapshot of the DJIA in a 60 min and 240 min timeframe. Below are the two charts:
The chart above shows the potential that we are near a top before a decline I think may find support around 10,200 or just below.
The chart below basically outlines the count and also how the DJIA possibly will move over the next few weeks as illustrated in the to chart by the red line.
Hopefully we will find some divergence between what I have currently labeled as waves A and C. Now that we have 10007.49 as a bottom, we can now target 10468 as a .618 retracement or as Porkloin suggested, a .786 retrace which would take the DJIA up to 10593. The bottom chart shows that the 10593 area is also where strong resistance may lie. It wouldn't surprise me at all to see the DJIA make its way up there.
Additional note: a 50% retrace would be 10380 but I am inclined to think the DJIA will break that and head up to at least the .618 level (10468).
Regards,
