Dover Corp. (DOV): Time to be Cautious?

SUMMARY

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The below weekly chart of Dover Corporation (DOV) shows an impulse sequence that is probably complete. Wave 5 ended in a bit of a price wick which often is the way the last remaining buyers flame out (red circle). IF wave 5 is complete, then a requisite correction is likely to proceed. There is an alternate count for one more higher high; but it would only delay the coming correction.

The subwaves of white wave 2 was a classic abc. The subwaves of white wave 5 also qualifies the wave count. Red wave A of the ABC correction is also likely almost complete, if not already. The B wave bounce could lull many back into the stock but only later to be shocked by the remaining C wave down. Bear in mind that the correction is for a higher degree of trend wave 2 where the ABC are its subwaves. Wave 2 an retrace far more than where the current C is positioned.

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