[DJIA] big picture.

In the big picture backlink I show the really big wave count picture going back to 1900.  You can see at the top of this chart is an expanding wedge.  We know that triangles, whether expanding like the one below or contracting, are made up of interior waves of 3 segments each - a series of a-b-c movements.

We also know that the 5th wave often throws over the top rail (or bottom rail as the case may be) and that when it comes back into the channel that is the first sell confirmation.   Well, DJIA is not there yet but it is at a very important support line right now as circled in black below.  If that support fails then the next support would be the top rail of the expanding wedge and if that fails then the odds are high of getting 5 rapid waves down to kiss or undershoot the lower rail.  If we get a big gap down it could potentially take out both of these rails in an eye blink and if that happens then we will certainly begin to see some real panic by the Ponzi participants.