In my prior GE post I was modeling another wave down that would break the lower rail of the ending diagonal. As you can see from the current chart below, it happened. Most people would be happy about this but I do not like that triangular looking think in the middle of the blue circle. It could mean that this is just a 3 wave retracement and not the start of the bear market like I am hoping it is.
Zooming in to get a better look, that is a very clear set of waves, but is it 1-2-3 or a-b-c? I'll tell you this:
if this thing goes above $26.50 then I going to become very, very worried about my short term shorting calls for the DJIA and S+P. If it goes below 26.15 then the pressure is off. But I will say for the record, that triangle right there JUST SUX. We should know in the next couple days.
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