Formal DJIA Update_7_19_12

Just to formalize / extrapolate on my impetuous post earlier, I have included a new chart which I believe more accurately reflects the current wave count. I think that the last few weeks of market action has demonstrated a "flat top-bottom rising" pattern, comprised of 3-wave subsets. As is noted in the graph, I believe that today's market growth was filling out the last leg of that process. I have labled what I think is the fifth and final wave of this pattern with E (black). Waves 1-4 are labled A-D (black) and you will notice that 1.618 times the length of wave [a of E] is pretty close to equivalent to both the current market price level and my proposed levels of resistance.

Again I am predicting another major downward shift in the market after the completion of this corrective 5-wave pattern.

All the best,

-W