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Dow daily 22/05/13

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Here's the chart from last night's close. We can clearly see how the Dow found resistance at the top of the channel after exceeding the 161.8% Fib (see comparison with S&P500).
 
The difference here is that the Dow has a much more parallel support giving a better defined channel. We have the same 7 waves inside it so, again, I suspect that last night's top was the top of subwave 3 (made up of the 5 waves up from 31 Dec).
 
What this suggests is that the current drop is likely to fall back to the channel support for one last rise to complete the move up from Nov '12. A more protracted, but fairly shallow, retrace should follow that so the mid to late summer ought to follow the usual pattern followed by a decent winter
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