The Dow didn’t fall far enough to create an impulse leg on the hourly chart, but the weakness was nonetheless sufficient to create a so-far bloodless duel between bulls and bears. If the Dow does a 180 today for the usual non-reason and heads higher, you should use 10645 as a target, since that’s where DaBoyz will be taking it once they recover their mojo. For clues that this may be about to happen, watch for a midpoint bounce on the 15-minute chart similar to what I’ve sketched out.
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