Given today's market movement, I am having a little bit of trouble coming up with a definite daily wave count and thus prediction for tomorrow. As a result, I will wait until the pattern fully unveils itself to continue the count. However, my general expectations for the rest of the week are as follows"
1. If the downward pressure we have seen in the last few days moves beyond $12,647.89, the completion of minor wave 2 (black) has occurred and the beginning of wave 3 (black) is underway. This means that the market will again take a hard tumble over the course of the week
2. If the market goes up tomorrow, its resistance will likely be in the neighborhood of $12,818, and will then tumble.
Either way, and even if the DJIA can push past the $12,818 mark, the minor and primary degree waves all indicate that there is a major crash approaching, likely in the next few weeks, if not earlier.
Best,
-W
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