mini Dow (update)

The December contract expired last Friday and we are now trading March.  Today will be the final post for this contract and we will revisit the March chart a few times to see if it goes to new highs or takes out the recent swing lows first.  Mid last week the market did indeed reach the 78.60 retracement level as expected. However, it met stiff resistance as it was also the MR1 and the 261 ABCD fib extension and has been selling off since.  This area basically closes the book on this pattern as it met it's objective.  It will be interesting to see what takes place from here: new highs or back to test the recent swing lows.