charts: DJIA daily & weekly

DJIA daily chart

Courtesy of eSignal

DJIA weekly chart

Courtesy of eSignal

Both of the above charts are showing 3 of 5 Elliott Waves (EW) down as of today.  This EW count can change based on the future price pattern if it does not unfold in classic impulse wave form.
The DJIA bounced off of 16000 as suggested but hit resistance as suggested by today's price bar.  At the time of this writing it looks like a Japanese Candle "Shooting Star". 
(A long upper shadow indicates that the Bulls controlled the ball for part of the game, but lost control by the end and the Bears made an impressive comeback.)
If we cannot get much higher and the daily chart EW count is an impulse wave down then it will have stopped the short term rally at wave 4 and we will continue down to test the bottom of wave 3 at last Monday's low and complete 5 waves down before we start to rally.
JustSignals short term cycles suggests that last Monday's low is "likely" to be tested during Sept 10-13 and Sept 21-26 +/- .
The market sentiment has been very bearish lately.  The market is also very oversold and as oversold as it was in Oct 2014.  One more pullback here is NOT necessary but it will help make a better bottom for a year end rally.

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This has been posted for Educational Purposes Only.   Do your own work and consult with Professionals before making any investment decisions.  
Past performance is not indicative of future results