The market has meandered sideways, and at the time of this writing (3:27), the DJIA has etched out a new high. There may be a chance that this is a short term high before the DJIA heads lower toward support at 10,200, if it even goes that far.
Attached are three charts in time frames of 10 min, 30 min and 240 min.
Again the red line represents where I expect the DJIA to go. The reason I am posting, as a very short term play, I view the current market as a low risk play, using today's high as a stop. Wave b in the above chart may be just finishing or quite near.
The 30 min chart above is just a longer term view. The movement from the high on the 29th, I deem a flat correction.
Finally, the 240 min chart shows the count from this year's high. Notice the alternate count which implies the same message that the next larger decline would be down (below March lows). High macd-hist into the high on March 29th favors that there is still more eventual upside on the DJIA which is why the blue count is an alternate.
Regards,
