The Dow Oct 13, 2014

Yes the Daily Bearish is at 16319. It appears we have penetrated the low of August 6th which was 16313. This warns that the correction has unfolded. Resistance will form tomorrow at 16634 followed by 16660. The 16324 area is a critical pivot point this week. We still see the primary support in the 15900 area. If the market falls again tomorrow and closes below 16319, then we could see this week form a temporary low. If we get a rally into the week of November 3rd, then the final low could form in January in which case we may be completing a cycle inversion setting the stage for an extended rally into 2017. We still need to pay close attention to this period at hand.