I posted this chart two days ago. As I previously stated, this is getting way ahead but something to consider as a future market path.
So far so good. The Dow has more to go before it touches the purple trendline. Perhaps this is signaling there is more downside to come.
On another note, I'm curious if the structure we are now seeing is going to resemble the same type of structure we had from the July rally. The July rally was a never ending series of 1-2s and 3-4s. That was a difficult one to count. So far the same may be occurring here as well.
As for the trannies, they continue to lead the way down. I had to move my minute [i] label down again because I think that is what it is still working on. It's possible [i] may drop further as this may go hand-in-hand with the Dow's further slide to it's purple trendline.
I have two support lines in place with the first having been broken today. This could be a key break confirming a double top is in.
Will have to follow up with this the next few days to see if there is follow through and a backtest of that support line as resistance. The backtest could be minute [ii] before [iii] takes her back lower.
MACD crossed the centerline today as well with the selling.
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