The Dow Boom is in the process of turning into a Bust.

Although the above chart is a bit busier than many might like, it's worth taking a moment to dig into it.

At the top red arrow there is a confluence of interesting signals near the all time high of the Dow:

1. The Dow attempts multiple times to move and hold price in the green shaded zone of the Pitchfan (combination pitchfork and Gann Fan) but fails;

2. The Dow rises above but fails to hold above the purple line drawn forward from the 1974 low in the Dow of 570.01;

3. The Dow rises above but fails to hold above the red line drawn forward from the 1932 low in the Dow of 40.56

After those things the Dow moved below the top blue growth line drawn from the 2009 low in the Dow.

Currently the gold line drawn forward from the 1987 Dow high of 2746.65 has acted as support.

Directly above the gold line there is a line drawn at a 52 degree angle from the Dow high. The Dow moved above the line, but then fell back down below it.

Barring a spectacular Dow recovery that would move it back above the 52 degree line, the top blue line, the red line, the purple line, and then seeing the average move back into the green shaded zone (not too likely), expect the Dow to continue heading lower.

How low? The first candidate would be the bottom purple line drawn forward from the 1974 Dow low which would put the average below 10,000. A second candidate would be the bottom blue line drawn forward from the 1987 Dow low. That would result in a Dow near or below 8,000.

While many are comparing the current Dow decline to 2007-2008 or 2000-2002, it's likely to look a lot more like 1914, only upside down, and that's not a pretty picture.