On Friday (Feb. 17) Dow closed at 12,950, that is 140 points (1%) above level 12,810 that I have denoted as end of major wave B. See wave count below with a small 'Double Top' reversal pattern.
If Dow continues to move higher from here, the only possibility at this stage is as shown below, major wave B is not yet completed. Major wave B is heading toward 2007 October peak of 14,164 for a possible big 'Double Top' formation.
Under 'Option 2' scenario, major wave B may last until December 2012, another 10 months to go before the major wave C starts.
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