DOW monthly update
The Dow weekly chart had a clear 5 wave down count within a bigger count and has started the counter trend of even a wave 2 or B to reach the top of wave A. We will have a minor correction or wave B of B starting next week after the fact that EFSF package has been agreed upon. around 12000 the second wave up ( bigger B) should be done but for now we are to top out around the 50 week MA and drop to 11200-300 within the next 2 weeks followed by another rally. Between 11800 and 12000 should be a good level to get short and or get out of trading longs. This bigger zigzag swings will wash out the bearish sentiment and prepare the next big downmove in Q4.