[Update 5pm EST. Here is a potential NASDAQ count if the market wants to make even more highs. The 5 wave move off the top would actually be a (c) wave in an expanded flat for Minute [iv]. I believe T-Bone's count showed this flat potential for Minute [iv] a few days ago. Its still nicely in the channel. We shall find out]
Well, like I said last night, the market doesn't like to telegraph its moves yet thats what wave reading is all about. The market no doubt now has most everyone looking "up". This would be a perfect spot to collapse prices under the rising trendline from March 2009. But what does the wave evidence say? Well, one of the most bearish formations that results in prices collapse is an ending diagonal triangle. Prices often collapse back to where it started and even further. So the "setup" could be in place. Here is the adjusted DJIA chart I showed last night: http://4.bp.blogspot.com/_TwUS3GyHKsQ/S0zoMkTXc4I/AAAAAAAADjM/baqh6ZGmt4I/s1600-h/djia5.png
And here is the result which seems to be tracing the best waves at the moment. It might have finished out a final wave [v] up. Or it may need more squiggle time and a bit higher target, say 10740.
Here is a proposed squiggle chart of a potential final wave on the DJIA. Its a very nice pattern. But it may need some more development. The (a) and (b) locations may be labeled way too early. However I labeled it like this because you have to respect the pattern itself until it proves something else.