Chart of the day

DJIA is being rejected by the upside wedge resistance 38000 and is pulling back.

A rejection here and a break below 37300 will confirm that the C point has been finished and we could see a pullback lower to a key downside resistance of 35700. A confirmed break below the 35700 level will open a new leg lower and confirm that the long-term and short-term five waves are finished. A break above 38200 will lead to an extension higher in the long-term fifth wave.

Short-term short trades could be opened here with a stop loss above 38200. Long trades should be opened only upon a confirmed break above 38200. I am inclined to see a deeper pullback into 35700.