Dow Composite index – weak closing could signal completion of 5-
- A weak daily closing below Monday’s high of 6344 could be a signal the index has completed basic 5-wave structure.
- A weak closing on Wednesday has already signaled a bearish price-RSI divergence.
- Bears should observe caution as selling is likely to gather pace only if the daily candle closes below 6344.
- Intraday dips below the same followed by a positive move could be signal of more gains ahead.