After the huge rally in recent days, the Dow Jones is hitting resistance coming in from two Gann-type resistance levels generated from two previous intermediate lows over the current move from the March 6th bottom. Also, next Thursday 4th June is a major cycle point, being 90 Calendar days from that March 6th low.
Hence, my best guess is that if the Dow is still trading at these major resistance levels, i.e. 8670 – 8765, next Thursday, then it will probably top here and make a major selloff. Of course, cycle points can also be times when strong accelerations in the existing direction take place. Hence, if the recent highs are taken out strongly, then expect a fast move upward which would target the 9,000 level next and quite possibly much more besides.
However, my bias as to how this cycle will play out is to the downside for now.
Asoka Selvarajah
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