DJIA Weekly Trend Model w/EW
The Weekly DJIA highlights just how far this next wave down has to go, if it indeed is a 5th wave to complete the suggested EW pattern. Robert Prechter would suggest hat this EW count is wrong, that in fact the DJIA is entering into a Wave 3 down, not a Wave 5 down. So of these two counts, the one above is suggesting only a drop to below 7,000 to complete five waves, where Prechter is suggesting a drop much, much lower, below 1,000 before we start looking for a completed EW pattern.
The bulls, on the other hand, are again suggesting that this is just another buying opportunity. Go figure.