To win a civil case the evidential standard is, a preponderance of the evidence, i.e., more likely than not. To prove a criminal case the standard is, beyond a reasonable doubt, a much tougher standard of proof. DJIA has fallen through support at 34,500, so the preponderance of evidence keeps building that a third wave down is unfolding. One chief identifier of a third wave is that it is obvious, that there should be no doubt, or at least it beyond a reasonable doubt, that a third wave is in play. As I have laid out before, it will take multiple 4 digit DOW declines, possibly involving trading halts, to prove this case, or as Justice Potter Stewart famously wrote, "I [will] know it when I see it."* The Beginning of A Third Wave Down? *"I shall not today attempt further to define the kinds of material I understand to be embraced within that shorthand description ["hard-core pornography"], and perhaps I could never succeed in intelligibly doing so. But I know it when I see it, and the motion picture involved in this case is not that." --Justice Potter Stewart, Jacobellis v. Ohio, 378 U.S. 184 (1964)
