Quick Update on the Dow Jones Industrial Average DJIA (YM Futures Contract) by Sid from ElliottWavePredictions.com.  Click on the chart twice to enlarge.

The trading week started with a gap lower, followed by choppy upward movement.  We now have what easily could be interpreted as a completed 5th wave, supported by MACD divergence between the 3rd and 5th waves, not only on a 360 minute chart (shown), but on charts as long as daily.  Also, on a weekly chart, the slightest bit of further downward movement will solidify a large MACD double divergence that started back in mid-February.  So, even though I’m still classifying this count as alternate #1, there is strong evidence forming that it may be correct.

Sid
http://elliottwavepre.wpengine.com

Note Added on August 9, 2011: Eleven minutes after publishing this post, the Dow opened at 12,592, and immediately started dropping at at record pace,  finally pausing at 10,810 after only ten trading days . . a drop of 1782 points, or 14.2%!  The lesson I’ll take away from this historic post:  The combination of a strong, MACD supported Elliott Wave perspective, (knowing that the top was either already “in”, or very nearly so), and the appearance of crystal clear MACD divergence, not only on the key 180-360 minute charts, but following though onto the daily chart, made for a very timely signal of imminent major trend change.