[Update Sun 2:PM: Global DOW chart. The extended 5th wave high loos right out of EWP. I am sure there are some price violations but I think the wave structure captures the spirit of an extended 5th.
Junk's weekly candle could be hazardous. It has also formed another trend line that is a textbook wave 2 short trendline.]
[Update Sun 11:20AM: Did some more work on BIDU and potential price targets based on 3 methods. The good thing is that the price target range from all 3 is in the same ballpark from $520.06 to $533.47. There is an upper target that resides at $537.59. If its an ED, perhaps Friday was the high as I have a max $523 price on that pattern. The ED pattern doesn't look good at this stage so I don't show it on the chart. It rather fits either an ascending triangle or contracting triangle for Intermediate (4).
The ascending pattern had a big breakout then a dive back deep into the triangle which is kinda goofy. So the contracting pattern may actually be the ticket here. And that gives us the lowest possible price target of $520.06 which you could say its there already. We'll see Monday. Key pivot support is $495.
Also notice if its a contracting triangle as shown with the black converging lines, the apex spot may mark a major turning point which is roughly last Thursday or Friday at the latest.
Obviously market direction plays a big role here. If the market dive bombs in a nasty Minor 3, then BIDU should follow.]
The transports are very frisky and has retraced 76.7% back to peak. The 78.6% Fib resides a scant 10 points more at 4153.5. Some potential bearish developments on the hourly though including negative divergence and a potential shooting star for a candle pattern. There is also non-confirmation with the Industrials. But you can see that the Transports really shouldn't be tracing much higher. However, if they do make a new P2 high sometime this week or next and the Industrials do not, that would be significant non-confirmation in DOW theory and be bearish.
Not sure of the count but I do count 11 waves back up. 11 waves is a corrective count. It also could be a contracting triangle smack in the middle of the formation which could be an X wave of a double zigzag.