Chart of the day

DJIA is testing the possible fifth wave long-term, short-term, and rising wedge resistance 38700 and this could be a turning or the extension point to magical 40000.

Only a clear confirmed break below 38000 and a rising wedge support is now required to invalidate the long-term upside extension and lead us to the that the fifth wave is not over yet. A confirmed break above the 38800 level will mean a new extension higher in the long-term fifth wave.

Short-term short trades could be opened here with a stop loss above 38800 with a higher probability of success. Long DJIA trades should be opened only upon a confirmed break above 38800 If you are a conservative trader you should wait for a break below 38000 to go short. You can trade this with the options as well.