DJIA update

After the recent ending diagonal model went bust I see a lot of people on the web wringing their hands wondering when this ridiculous fed-induced bull market will finally end.  Personally, I think it would have been over last week had it not been quadruple witching options expiration.  The 120 Minute candle chart of the DJIA is in trouble as soon as that lower orange rail is broken down.  It could bounce there and then do a 5th wave throwover as shown but I'm suspicious of that.  I think there is as much chance that it will fall through the lower rail within the area of the blue circle.  If it does that, especially with a gap down, then it's game over for the Ponzi Pump IMO.  I just don't see how the bad earnings we are seeing can be pockets of problems.  The whole economy is in trouble, not just a few areas of it.

Waiting patiently for the downward revision of Q1 to -2% growth that I am pretty sure is coming.