Is The Retracement Rally Already Finished?

The day’s action hasn’t closed yet, but I wanted to throw this chart out quickly and ask the question:  “Is the retracement rally everyone expected already over?”

Let’s look at the DIA (DIA) Daily Chart:

Not only have we already tested (and failed officially) at the 50% Fibonacci retracement from the August highs to the October lows (the 50% price is $98.61), but we have also came into confluence resistance just shy of the falling 20 period EMA.

We’ve rallied from $80.00 (Dow 8,000) to $98.80 (Dow 9,880 estimate) in three short days - is that all she wrote?

If so, that’s horrible.  I’ll try to look at more charts on a closing basis this evening.

Be aware that this could be a possible technical development that has just occurred faster than perhaps anyone expected.

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