Posted Dec 10, 2014 by Martin Armstrong
The Dow did not elect any bearish reversals. During a breakout, the market typically falls back to retest the channel from which it broke-out. Any sustainable pause require a closing below 17235 for starters. A close below 17644 will suggest a move back into the upward channel. Nevertheless, the first hurdle remains in the mid 18000 level. A Phase Transition appears possible next year if we exceed the 23000 level.