Dow Update

In the last update it was stated that the Dow Jones Industrial Average could have one more wave up. That came to pass as the Dow made a top on April 5th and we are now at an important juncture this coming week. 

The anticipated correction either started on 4/5 or it may start sometime around Easter weekend. If the correction started on 4/5, the iw B correction may form a flat. If it starts later, iw B may be a zigzag.

In any case, the wave counts indicate at least one more rally phase after the next correction(waves iw B & iw C of a zigzag) and the cycles I look at are bullish for most of May so any major top may not occur until after that. Correction (due to a program bug I discovered) : cycles in May are neutral.

Dow Jones Industrial Average (via DIA etf). Click to enlarge.