Dow: long term

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This is a weekly chart for Dow. It's very clear Dow is still in the up trend channel. It is currently pulled back at the 38.2% level. Two weeks ago, it tested the 50% pull back level. It's very important to monitor the point of wave 2. The southest it can go is where the red arrow points at if Dow still wants to be bullish. This point has three major importances: 1. 61.8% pull back, 2. strong resistance, 3. up trend line. If this point is penetrated, then a bear market will be coming sooner or later. Otherwise, it will be another one to two years of bull market!