The point of "9600 or bust" is to illustrate and emphasize the significance of 9600 in the DJIA. As is usually my preference, I'll let the charts do most of the persuading here, starting with the biggest time frames and working our way down to the intraday. You should be able to see the progression, especially if when you get to the bottom (hourly) you work yourself back up.
This may be my favorite, because of its big picture importance. You will recognize the Advanced GET Wave 5 SELL SIGNAL already confirmed with the break of the trend regression channels in May. The Monthly Trend Model reverses SHORT on a monthly break below 9600. Ergo the significance of 9600, it either provides support, or kiss this market good-bye. What are the probabilities? Read on.
The question of the week here is whether or not this pattern is closer to the beginning of a long, extended downtrend, or the end of a corrective downtrend? The break below 10,000 suggests what I think is the correct answer.
Yes, I can count five waves down, but I can also count an ongoing three waves down that is not yet complete. Again, 9600 looms significant.
DJIA 60 minute
A beautiful trend line for traders. Note the double bottom just above 9600. The software says waves 4 and 5 still to come, but wave 3 has to finish first and the implication is that there is no way 9600 holds in light of more selling due to complete the entire pattern. That itself has dire implications when applied to the Daily, Weekly and Monthly charts above.
Nothing is set in stone here, but the probabilities suggest that prices are no where near the end of a larger wave count and that suggests a rough and tumble summer ahead for the markets.