A little more than a week ago the Mini DJIA started into a correction, which sure fits an expanded pattern very well, or that's my story and I'm sticking to it. It takes nothing to misread any pattern when we try to do it closer to real time. Once the expanded pattern was completed, then the DJIA got down to business and really like what we should expect from any other expanded pattern.
Early this morning the DJIA started to back off, which hopefully will be the wave 1-2 correction in Minute degree which I have been looking for. How deep is not an exact science, but anywhere inside the previous 4th wave would work for me. A previous 4th wave retracement is only a guideline, it never has been a rule. Besides, who can say that anything is in a 4th wave before it gets there.
I mention this because all these super bearish calls are based on 4th wave bottoms, which have never been checked or reviewed. Any Supercycle degree bottom would have to take the DJIA back to the 1970s, but I am very confident in saying that the markets will never end that low with any degree, known or unknown.
I think this market will give us more warning before it heads down to a new record low. I would be looking for inverted waves or even an ending diagonal could show up when this bullish phase ends.
The best ending move is still a triangle in a 4th wave like position as it forces us to change degrees.
I'm going to be busy on Monday but may get a chance to update later in the day.