SPDR Dow Jones ETF (US: DIA) upside is facing some slight correction based on the wave analysis. Technical is indicating a potential upside:

1. Sub-wave analysis indicates that wave (5) of the intermediate phase is yet to complete. Wave (4) is tentatively completed after a bullish flag formation was spotted.
2. Bullish hammer is spotted above key immediate support zone at US$355.00-US$356.60. To add on, the hammer closing price managed to close above US$358.93 level.
3. Volume is seen picking up on Thursday after breaking above the 20-period MA.
4. Ichimoku’s Kumo is seen widening, especially Senkou-Span A is seen rising. A key indication of bullish upside.

*Expected timeline of the trade is 15 weeks from the date of report issuance.

*Should prices fail to sustain closure above US$358.93, there may be a double three corrective wave and should this happen, wave (4) will likely extend into US$355-US$352.00 support level.