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DIA – Dow Industrials ETF (Last:347.87)

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Although the pattern shown, with a 365.67 target, is clear and compelling, bulls have yet to tip their hand with a skirmish at the 350.44 midpoint pivot. They’ve yet to even reach it, actually, but until they do, and roundly thwomp it, we cannot confidently infer the target will be reached. For now, let p=350.44 serve as our minimum upside target for the near term.  The pattern should also be a winner for ‘mechanical’ set-ups, given the power of the impulse leg. _______ UPDATE (Jun 16, 12:35 a.m.): Bulls look more enfeebled than I could have imagined in May. Five weeks of trying have still yet to reach p=350.44, and I’m not sure whether this is a subtle sign of disaster to come, or perhaps just a minor stroke, but stocks feel leaden.


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