[JNJ] update

At the time that the backlinked post was written, I had not yet fully formulated my W3/WC theory and so I was counting these rising wedges as 5ths not 3rds.  So I called the top at about $107.  For a time it looked as though my model was correct but in early September the model fell apart as the bounce turned into more than an a-b-c.  Because the entry point was picked using EW rules, anyone following this model would have lost zero dollars and in fact would have made about 2% gain by stopping out when the methodology demanded it. 

The subsequent correction turned out to be an expanded flat into red C/blue 4.  Then we got 5 clearly motive waves up and some choppy shit coming partially back down, potentially with a triangle right in the middle of it all.  Very soon it will have to pick one path or the other and with several major names like this showing the potential to put in a 3rd, 4th and 5th up, I wonder greatly if the conventional wisdom crash model is correct.  If it is, we need to see a rapid decline begin to happen most riki-tick in the likes of MSFT and JNJ.  MSFT needs to break the lower support rail with gusto and JNJ needs to invalidate the current, really corrective looking, really a-b-c looking wave with a sudden trap door opening event.  I am in no way sure that this is going to happen and JNJ is not going to stay elevated if the DJIA and $COMPX are going down.  JNJ is a bellwether, the smart trader will care about what it does even if he is not trading it directly.