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Good evening folks.

Straight down to business tonight.

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DOW JONES INDUSTRIALS

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After a rise off the lows for most of the day
There was a little hope in the air that the worst was over!
But,
the market has again dropped sharply as we approach the close putting a stop to that idea.

I have labelled yesterdays low as wave 'i' of (iii),
with the rally off that low tracing out a three wave structure,
this takes the wave 'ii' label.
It is still possible that this evenings drop is only wave 'b' of 'ii'.
In which case we will get a push up to the 24000 level again.

For now I am taking the bearish view on this action.
showing an acceleration lower in wave 'iii' of (iii).
A break of support tomorrow will favor this view.
Then the market should create a series of impulsive drops into wave [iii].

Tomorrow;
Watch support at 23353.
A break of that level will signal that wave 'iii' of (iii) of [iii] may be underway.

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U.S CRUDE OIL

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Suddenly everyone hates crude oil?
Why only 2 short months ago crude was the darling of the financial media
and you could not ever possibly own enough of the stuff!

Now it is being dumped like a cheap suit.
And you can't get rid of it quick enough!

Wait for the talk about how this drop will be good for the economy.
A few months ago,
the booming economy was driving oil higher,
Now crashing oil will support a booming economy??????

Todays drop in crude again triggered the alternate short term count.
The triangle formed over the last few weeks is viewed as wave '4' of (1).
Off that triangle,
the price has declined in a five wave pattern
and I have labelled this wave '5' of (1).

The news is filled with the word 'crash' and 'plunge',
ans this suggests a saturation of bearish sentiment now.
so I think we should still expect a rebound in a second wave soon.

Tomorrow;
Watch for the price to find a low in wave (1) very soon.
Wave '5' blue will reach equality with wave '1' blue at 45.36.
The extreme over sold level should lead to a corrective rebound in wave (2).

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