The latest topping model for the incessantly pumped DJIA is given below. If this is indeed to play out as an ending diagonal (as it has for so many stocks that have already begun huge swoons in the NASDAQ) then this final wave should be an a-b-c affair. Since it looks like an ending diagonal has just thrown over, I will assume that is the A wave. So despite the fact that the futures are green right now I suspect that the Dow will roll over in the AM and pull back a bit into B. It could take the rest of this week for the DJIA to peak but if it does so and then breaks back down through the top rail in the the channel then it is going to start looking a lot like this could be a major top. Because the B wave between 2 and 3 was a sideways affair, I expect the B wave of this 5th wave to be a vee retracement. This should be interesting to watch.
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