CAT revisted

Backlink provides a model that suggests a bullish 5th wave is in progress.  But today the DJIA was up 154 points while CAT barely budged.  If it was on its way up then today would have been the right day for a real surge.  It thus struck me to review the high level model to see if I could figure out why.

The model below could explain it and in fact the HT is much better looking than the model from the original post.  There is no way to say how it goes next but it could gap down from here.  A move below that red line means major technical support is broken.  Legacy TA people will view this as a so called triple top but if this model turns out to be correct it will really just be a HT with 5th wave.