DOW and SP500 have done a three wave correction on downside since last Friday close. If it stays that way an upside rally with start during the day. However there is a strong fight going on between sellers and buyers right now to push the DOW below an hourly close of 12.027 which will send the index into a fifth wave on downside signalling that a new test of the highs is not imminent. CET 11:00 the hourly close came just above 12.027 and the market forces on one hand are still working to hold this point to be able to start a new uptrend and on the other side those who want a break on downside. We just have to wait and see how this will be played out.
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