Previous analysis it was said that Dow had given up 20DMA support and trading below triangle pattern. It was guessed Dow will start its downward journey. But it didn't happen and today Dow recovered all its losses and is again trading at 33400l level. But if we see carefully Dow is making lower high. Yellow trend line is running down from 34287, 34792 and today 33455. Distance from 34287 to 33792 to 33455 is 450 pts and 350 pts. which is appx retracement of 50% and 42% near to(0.380) Fibonacci level. So what ever bounce back was to happen is happening today itself. This bounce can be taken as continuation pattern unless 50DMA is not taken away on upper side and the second lower high of 33792 is taken out , MACD remains below signal line, till then Dow will remain short candidate.
