In yesterday's DJIA model update I expected the DJIA to start heading downward from the open today. That was because I expected yesterday's close to be the 5th wave. Today's action strongly suggests that it was really just the 3rd wave. The updated model is shown below.
Zooming in, it looks like 5 of C completed today with a failed 5th. We will know at or very near the open tomorrow. The DJIA must open weakly (preferably in the red) and then begin selling off very quickly. It must then never go above today's 5th wave high or else the entire ending diagonal model will be at serious risk.
This is where the rubber really meets the road with the current DJIA ending diagonal model.
Thursday, June 19, 2014
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