For the record, the bigger picture implies that the Dow will fall to at least 10643 (and thence to 9566, its ‘D’ sibling) if and when it drops out of the presumptive distribution pattern that has been under construction for the last six weeks. Although a head-fake above the 11717 peak recorded on September 1 is always possible, my hunch is that it would not be a head-fake at all, but rather a bull trap that could take longs and shorts up to last spring’s highs around 12500.
