We had this interpretation in our previous blogs, either a series of 4-5s or, more likely, a diagonal triangle 5th wave. This is a long chart and therefore does not lend itself for precise predictions but our take on this is that we are about to peak and that a dramatic drop is straight ahead as that is a “diagonal” which invariable retrace their entire advance. In this case that would amount to roughly a 2/3 loss from whatever peak lies ahead.
The Dow is going vertical, and if anything, confirms the possibility of a major top.