Mini DJIA Intraday Crash Review

In the last few days the DJIA has taken another big hit by intraday standards, but it would have to show us that the DJIA needs to head much lower. On the flip side to this, we could be ending on another zigzag bottom. If this is true, then stocks could produce another short term top, well above the wave 2 in  Minute degree. 

We can see that a huge gap has opened, above present prices. Short term, there is a chance that the DJIA can come back hard, and trash this bearish wave count.  If the gap does not get close this month or sooner,  then we may be stuck with an open gap for many years. The VIX has also gapped up, with other indices producing gaps as well.  I wouldn’t want to see too much of a counter rally, but the markets may have other ideas if the bullish phase has not ended.

Any diagonal in a 5th wave would also work but then we need another zigzag to break to new record highs. We may know more by the end of this week  or early next week if a new record diagonal 5th wave he will still form.

 


I have some serious issues which blocks Safari from seeing the list of futures charts from Insidefutures.com. We have narrowed it down, but a lot more work remains. With another session this afternoon, I may not have the time to publish as frequently as I would like. 

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