DJIA update

Since we are at an important inflection point I will venture a post on the DJIA action early in the day.  Bottom line is that I don't see today's DJIA action as anything more than a 2nd wave vee bounce that is taking the shape of an expanding wedge.  We should know the truth of this by the early afternoon but we do know that 2nd waves are often vee waves and that expanding wedges have 5th waves that move very quickly in price relative to time.

This rapid price-time relationship of the expanding wedge's 5th wave is why I think everyone should be aware of the current state of the DJIA chart.  As soon as that top rail breaks down I think the market will begin to show signs of panic.