YM1/DJI: With the FOMC third rate hike today and the announced
4th hike in Dec, it is a good time to see where the Indices are at. The DOW has been selling off the last three days as expected in my count. Question is if the selling will continue in light of the 4th hike. It could. There are strong support at the Pivot R1, the mid line of the BB, and the invalidation level. I expect a small drop to those supports but the price is sitting at the mid channel of the secondary channel so it could jolly well bounce right up.
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Revised count
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An ending diagonal brought wave (II) to an end. Bounced off S3 and the channel trend support.
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I was expecting a 2 flat but it was not meant to be. So a 2 sharp will take the DJIA down to the Fib 73.6 area which also happens to be the long term trend support.
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YM1/DJI: Update
Today rally completed wave B of 4. There should be a wave C of 4 decline tomorrow to complete wave 4.