Once again the markets are on the precipice of a rising wedge formation which began in February 2014. If you draw a trend line using the following session lows: DIA - 2/4/14, 4/11/14, 5/20/14, 7/10/14 you will clearly see the lower line. A 'break' with a confirmation close below this line could indicate the beginning of the next correction while a bounce off the line will likely raise the DOW to new highs.
Follow UP: The 'break' happened today 7-28-14, just waiting for a confirmation close below the line. Take a close look at the DIA chart (NAZ & S&P too are essentially the same) and draw a trend line at the lows per the dates stated in this original message and you will see.
Per above; the DIA officially broke and closed below an uptrend line dating back to February 2014. If the line is valid and price action abides the DIA will experience a pull-back and a likely target of the 200 day M/A. A divergence of US equities vs. the USD/JPY occurred as the pairing advanced with a possibility of resolving a medium term consolidation pattern that began to develop late last year.