This is the cash chart for the DJIA with a daily chart setting. I am using a higher degree at this time.
The big decline, we have had so far, are diagonal wave like structures as it was next to impossible to find good clean impulse waves. Since the February bottom this all has changed as this rocket move sure can fit into parts of an impulse wave. Today we also ended up with a spike which usually happens at the ends of big runs or trend reversals.
Knowing that the market can blast straight up like this, we could get another wave 3-4 correction and then add on another vertical move. Another potential position we may be in is an "E" wave, but ending on a "B" wave. If that were the case, then stocks would crash to new record lows, and we still would be faced with another massive bullish phase.
I show a zigzag on this move, but that can get trashed so quickly, so it is best to look for a correction that is shorter than expected.
In the short term I am bearish, but longer term I still would like to see many of these correction peaks retraced.