[DJIA] update

At the backlink I was looking for the completion of a 4th wave HT and then a push higher into a 5th that could end as a short stroke 5th/failed 5th.

The latest snapshot does appear to have put in the blue D and blue E waves in a very similar way to the model.  Normally at this point I would expect that the recent peak was 1 of 5.



But the microcount does not support that notion and so for now I am switching over to the unusual idea that this thing is done with the upside of the 5th wave without reaching a new high.  This is not a violation of EW rules but it is a special case.  EWI and Avi have both been looking for a higher high but I have not been very convinced.  Friday's trade could turn out to be brutal the the count below is correct.  It essentially says that we are now moving into the teeth of a 3rd wave down and it is the job of 3rd waves to make everyone realize that something has changed; something is wrong (or unexpectedly right in the case of a new bull market.

If I'm right about this count, UVXY will be over $100 in less than 2 weeks.