Chart of the day

DJIA is being rejected by the strong upside extension resistance of 38000 again. This is a confluence of the wedge resistance.

A rejection here and a break below 37800 will confirm that the five upside waves are finished. We need to see a clear confirmed break below 37800 for the short trade entry medium-term to be justified and to confirm that we have previously finished five waves higher in this upside cycle after breaking a strong 36800 resistance.

Short-term short trades could be opened with a stop loss above 38150. Long trades should be opened only upon a confirmed break above 38200. I am inclined here to see a deeper pullback into 36800.