DIA, the ETF for Dow Jones Industrial Average is called Diamonds. The Day chart shows price is approaching its dreamed of target of 179.6 for the brown colored Bullish Alternate Bat. Even after all this time of utilizing Harmonics into my trading, I still am in awe of how harmonics interact. For instance the cyan colored Bearish Bat's completion has been helping the brown Alternate Bat in its Retrace Mode.
So now that DIA is in another PRZ (Potential Reversal Zone), it's also another decisive point. Momentum implies a loss of luster as price breaches the PRZ and add the expansion of price increases the probability of stalling or pull back into the zone. If you are familiar with the Bat pattern then you realize that price could easily breach the PRZ to test 179.6 but if price can hold above there the probability increases to test the extended targets 182.48 or even 195.19.
The bottom of the PRZ does have some convergence with a rising moving average, this one is the 20 sma at 173.37. Since the bias is to the upside, there needs some oomph or conviction to hold below the PRZ to increase the probability of Retrace Mode, having its ideal minimum target at 168.88 and that dreamed of target at 154.38.
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