Dow (27,332) - In record territory again.

Dow gained another 243 points (+0.9%) to record another historic height on expectation of an interest rate cut at the end of July.

Based on daily closing price chart, Dow managed to punch through its upper trend line on Friday. With 280 points or 1% above the trend line, it is still too early to rule out the wave D of major wave 8 scenario.

In addition to the 'closing-price' chart, it is advisable to have a look at the daily bar chart which indicates the intra-day high and low.

Based on daily bar chart plotting for Dow, the Friday closing of 27,332 landed exactly on the upper trend line. I also noticed that there is a gap between Friday's and Thursday's bars. If Dow were to turn south from this level then the 'gap' is technically an 'exhaustion gap'.

However, if Dow can continue to move higher next week then the current up-trend can no longer be the wave D. The next possibility is the wave iii of major wave 9 for the current run-up. Major wave 8 has already ended on 24 December 2018 at C. My problem is to explain why the wave C of 8 has only 3 waves instead of 5 waves.

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