This is a 3 hr chart of the DJI, featured as we are going into an important weekend close. Important especially if price were to decline far enough to take out the recent two lows identified on the chart, 32475 (May 6) and 32450 (May 2). If one or both of these get taken out I would be very nervous about where the market were to open on Monday. (Continued below.) This has been the Big Picture EW structure that has been unfolding since January. To the lower right hand corner is the "3 of 3" labeling of a leg down that has not yet occurred. If and when it does the market goes into "Crash Mode" with the expectation of a 10%+ decline in a matter of hours, that's over 3,000 DJI points and at least one circuit breaker trigger. In other words, the taking out of the short-term double bottom will touch off a downside market event. It may or may not happen, but to be forewarned is to be forearmed. Premium Service Option Positions (Friday mid-session)
