DJIA: Proceed with Caution
The previous primary count for the DJIA is invalidated. It's hard to believe but the market continues to advance on a narrow list of stocks. There is not a way label an analytically pleasing 5 wave move from the October 2022 low. Therefore, the next count remains corrective. Elliott described B waves as phonies, orgies of odd lotter mentality, rarely technically strong, and sustained by a narrow list of stocks. In my opinion, this wave fits that bill. I've labeled the decline from January 2022 as a triple zigzag correction, which meets no guidelines for a correction. This insinuates that the correction is not finished. Therefore the advance from the October 2022 low is labeled as a zigzag that is nearly complete. It may take another few weeks to print the final high, but the B wave is in it's final stages. Wave C will follow as a 5 wave decline, most likely an impulse wave to meet the depth guideline of wave 2 of the extended first wave of lessor degree.
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