We may have peaked about a week or so ago on the Dow, see my previous blog.
This is all predicated on the idea of a diagonal triangle 5th wave, all the way from the lows of the 1929 depression (or, if a triangle in the post WW2 lows of 1947 or so). Each leg does not need to be a 5-wave affaire in this scenario. Note that both the RSI and MACD have been dropping for quite some time. Also, the ten year US bond yield doubled in the past few months and that may well be the Achilles heel of this financial Alice in Wonderland that we are living in.