patrick.net

The Dow Jones Industrial Average is approaching another Fibonacci level where a reversal could logically take place. While the pattern does not look ideal, so many other measures are supporting a reversal that we must remain vigilant and prepared. It is possible the venerable Blue Chips have finally called it quits.

Both the Dow Jones Industrials and the S&P 500 closed higher on negative breadth. This is a key measure for recognizing a turn in momentum. On Friday, the Dow saw 12 shares advancing for every 17 declining (12/17), not a good ratio for sustained advancement. Likewise, the S&P 500 was 200/298, the Russell 3000 was 1092/1870 and the NYSE Composite saw only 728 rising for every 1234 falling. These are the kinds of numbers that attend a change of direction.

http://www.globaldeflationnews.com/dow-jones-industrial-averageelliott-wave-update-for-week-ending-1252014/