As we can see in the Daily chart below, the Dow's Daily High was right around the 38.2% retracement of the range from the all-time High reached in September through the October intramonth Low.
We also see the 15615 level, the area that would represent a technical correction.
Looking at the Monthly chart below, we can see that the market hasn't yet tested the 15711 level in October but that it is an important technical level.
The markets should not be surprised that we perfectly tested the 16426 area on Friday. Looking at the Weekly chart below, we see how the 16096 level is significant technically.
That's why the market elected more than $150 in Stops below this level in the first 10 minutes of trading last Wednesday as we can see in this 5-minute chart below.
Downside price objectives remain 15711, 15524, and 15320.
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