DJIA, update

djia nov 2 2012 bdjia nov 2 s 2012

If you predict, do it often, your chances of success increase. So here is that wedge again, first mentioned a few months ago. So far, and this is typical for this market, the wedge has not been confirmed or negated. To stay intact the market should not trade above 13300, essentially where it is right now. To do so the employment number coming out in hour and a half probable has to be bad, or at the very least disappointing. Looking at the minor waves we should have a 4th in the making right here and it should be either a flat or a triangle. After that wave 5 down should break the trend-line along the bottom of the wedge at about 13000. If not it is back to the drawing board.