Harmonic Elliot Wave Update_Index Futures Update

As noted in my last post, I thought there was a potential for one last leg of a bull market before a correction came down on everything. I am restating that perspective today with the following two charts which have highlighted likely resistance areas for the DJIA, really the mini DJIA Futures. It is possible in this count that I have, or am, misplacing the minuette degree third and fourth waves. This remains to be seen. I have re configured the color scheme for this post to make it easier to read and the minute scale will begin with blue extension and black lettering and the scales work normally, as per my key on the main screen, down from that point. If my positioning of the minute degree third and fourth waves are off, it is likely that the market will extend upward into the 1500's as noted on my last post. There is a lesser likelihood that it will continue south in the next few weeks. Confirmation of a southward move will exist if the market (Dow mini future) moves below 14360. If this happens there is a much stronger liklihood that that a strong bear market correction will unsue to at least 14% of the price increase between the bottom in 09' and the current top. The extended hours movement and tomorrow's market should provide a great of information as to which way the market will turn. A southward move tomorrow will not increase the likelihood of a potentially larger and immediate bear market unless it falls under 14597. Even then it is possibly still a correction. Only movement below 14360 will significantly increase the likelihood of a immediate bear market move. That being said, a breach of the lower trend-line is also something which I am watching out for. As always, this is a dynamic process.

-Warren