I am not a fan of TA as to me it has a lot to do with the outcome of a rain dance rather than investing and below chart is only to show that using my own developed CIFRA valuation model, the historical high on Dow Jones Industrial Average Index is 11000. Remember this number please because in the next 2-3 decades DJIA will be lower than today. CIFRA uses 1-2-3 (max. 3 most important numbers) matrice levels on stocks, FX, commodities, index. This numbers show the only value of any security in any time, right now CIFRA shows that 11000 is the max. level for DJIA the next number is 1600, sorry that's it. The below chart uses simple GANN lines and Fibonacci retracements from 11000 with theoretical support at 6500, as you might see all shows that DJIA is still in bear market ( MA ) and all lower Fibonacci and GANN prices are below 11000. But if you would want to apply Fibonacci retracements using CIFRA levels of 11000 and 1600 for DJIA this is what you would get as major price levels. Because DJIA already was very close to 6271 in 2009 and always new downtrend brings lower lows, then the only next price you should notice is 5168. Advise to private traders: Please hedge your long equity exposure with shorting for each 1 long stocks unit, 1-2 short index units. Example your holdings are mostly S&P500 stocks, then sell for each $100,000 long, $100,000-200,000 of SPY or ES index futures if you are familiar with it. Same is for Russell 2000, Nasdaq 100 or blue chips, all hedging instruments are available on such indices as described above. History is right here, right now and you are a witness. What a normal investor would do, considering he/she is all long stocks.