The other thing I'm interested in is if there will be any capital left in Cyprus by the end of this week. I don't know why anybody would keep their money in their bank account.
Before the markets open I'm posting updated counts for the Dow. They haven't really changed since my last updates. I think we're at the end of the rally that started in November last year.
Short-term:
These rallies which just go up without any correction are very difficult to count. So I'm still not sure where to put wave [iii]. One possibility you can see on the chart. Another possibility is to label 14540 as wave [iii] and tomorrow's decline (if we get one) as wave [iv].
Whichever count is correct, we should be near the end of wave 5.
Medium-term:
As shown on the short-term chart wave 5 (and wave (C)) either ended last week or will end very soon, which means that April/May should belong to the bears.
Long-term:
Long-term counts are always very speculative since there are many different possibilities to count the waves. So take this count with a grain of salt. Should the count turn out to be correct though, we should be near the beginning of a new bear market.
You can check out my other counts here: http://www.wavaholic.com/2012/09/elliott-wave-counts.html
(Previous Dow Jones counts: Short-term , Medium-term , Long-term)
