Price Waves #1 - Yearly Data

Looking at the DJIA from an objective (TD D-Wave) Elliott Wave view:

Starting from the 1932 low of 40.56 (which was a 25 year low):

1. H greater than 12H: 1945.

2. L less than 7L: 1970. This means that W.1 up ended at the 1001.11 high of 1966.

3. H greater than 20H: 1972. This means that W.2 down ended at the 627.46 low of 1970.

4. 1974: Price drops below the W.2 low without an intervening L less than 12L. When this happens we must assume that W.2 is still unfolding as an Expanded Flat or Complex Correction.

5. H greater than 20H: 1982. This means that W.2 down ended at the 570.01 low of 1974.

6. L less than 12L: Not yet recorded. This means that W.3 up is not confirmed complete.

Conclusion: The Equity Market is still forming the third wave in a Trending Impulse pattern that began at the 1932 low.