Dow Jones - Bear Hug

So many bearish signals on the Dow. It all started with a breach of the Oct 2005 trendline which now has become resistance along with the 50-day moving average. Next, the 38.2% Fibonacci retracement level from the year high which had been providing support over the last week fell through. A Head & Shoulders formation looks complete with a breach of the neckline. A possible retrace to test the neckline and 38.2% Fibonacci level may provide a good entry point to load-up on short positions. Finally, it looks as if an Elliot Wave has somewhat formed; which if correct, may see the Dow retrace to the 61.8% Fibonacci level passing through the 200-day moving average.