Option Investor
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As pointed out in last night's update we got the move higher this morning that gave us the 5th wave for the leg up from Tuesday. That sets up at least a pullback to correct that leg up. The DOW has now made it back up to the top of its potential rising wedge pattern for price action since the end of March, near 8300. At the same location is the broken uptrend line from March 30th through the early-April lows. Negative divergences persist. It looks like a better short play than an opportunity to get long the market.

DOW daily chart:
[Image 1]

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