I haven't looked at the Dow Jones Industrial for quite some time, but here it is and it's a beauty.
We are currently in wave [B] the question is if wave [B] is done with the test of 12,391 or we need one more rally as the thrid zig-zag in a triple zig-zag combination since the low at 6,470 in early March 2009. If we need one more zig-zag we should first see a decline towards the mid-line of the pitchfork near the 11,155 - 11,250 area, before the last rally higher towards 13,336 and maybe even 13,856.
What's talking in favor of one more rally is needed? The priceaction yesterday did. The decline from 12,087 is at best a three wave decline, which does favor, that we will need a new zig-zag rally towards the 13,336 - 13,856 area later.
The only way we can keep the bearish view is, if we are in a series of wave one's and two's. That might be the case, but we need more proof.
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