The formal definitions are above, my meaning, is somewhat less precise:
In the next few weeks.
Here is the Weekly chart of the DJIA. Lets not make this anymore complicated then it has to be. The prices have broken down out of a wedge, or triangle, or bear market rally and that is the suggested Wave 4 of a five wave sequence down.
Shown below is the software's (Advanced GET) projection for the end of Wave 5:
According to typical Wave 5 measurements from the end of Wave 4, this next down leg will result in a descent to between 6,000 and 3,500, basis the DJIA.
This is not something to fear, this is something to to exploit by riding the trend as far down as it goes, with any instrument of your choosing. As I stated in an earlier blog, this next leg down will be followed by a powerful rally, a bull market of historic proportions. It will probably only be a second wave to be followed by more mayhem, but we can plan for that if and when this next leg culminates as now expected.