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Dow crashes through rising wedge formation to give SELL signal

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The Dow collapsed yesterday…

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The Dow collapsed yesterday and has shot through the lower parameter of the rising wedge/ending diagonal – see chart below. In terms of the wave count this may be wave 5 of the first leg down and what I thought was 5 may in fact be part of an irregular 4. However we have no confirmation that the latest decline is over at this point. Last week I was theorising on the similarities of the hurricane in 1987 and the recent storms in the US and the similarities, market wise, are now just starting. I also outlined two scenarios with regard to the triangular action and both may come true. Meaning we have simply sold right through the lower parameter and we may now re-test that parameter (which is currently around  13050).

You can see the chart here – http://www.johnpiper.info/081112.gif

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