Elliott wave analysis on the Dow Jones Industrial Index - Closeing in on the top.

Dow Jones Industrial Index

Please see my post from June 28 - 2013 here first: http://theelliottwavesufer.blogspot.dk/2013/06/elliott-wave-analysis-of-dow-jones.html

As we have broken clearly above both the channel resistance-line and the top of red wave b at 15,340 we should be headed higher in the final wave v of D of the expanded triangle, which has been developing since early 2000. The target for this final wave v of D should be close to 16,320 and once in place we should see a quick and powerful decline towards the downside.

That said, we might ask our self if we could make a case , where wave iv could be more complex? Yes that is still possible, but then we need to see a top no higher than 15,892 followed by a decline towards strong support at 14,452 in an expanded flat correction. If we are looking at an expanded flat correction in wave iv, that would just mean, that we will have one more chance towards the upside later on. However, It would be prudent to take profit on long equity position on this rally higher, as it could take years before we see levels like these again.