EXTENDED PRIMARY WAVE FIVES
Ok check these next two charts presented below and compare. I would like to discuss extended wave fives of primary degree. Of course as you know, I have my NYAD count as an extended primary wave [v] of cycle V degree. http://3.bp.blogspot.com/_TwUS3GyHKsQ/TS4dfkVbX6I/AAAAAAAAIdI/4tiVb_V2_tk/s1600/nyadweekly.png
I can find one other great example of a primary wave [v] of a cycle V extension from what I can tell. And that would be my Global Dow weekly chart.
I have many notes on each so no need to duplicate my thoughts too much here. I would like to point out that you can see what happened to the GDOW when the extended wave  broke the uptrend line to the downside. It retraced back to its previous wave ! If the NYAD does the same, well, thats a lot of points down no doubt.
Also note the same trendline hits in each! Beginning, Wave (4) and 2 and 4 of (5).
Here is what Prechter says about 5th wave extensions in "Elliott Wave Principle": "Fifth wave extensions imply dramatic reversal ahead." (His italics, not mine) This I suspect because the waves are forcefully advancing to the point of sheer exhaustion with very little pause the entire 5 primary waves. These extended fifths are very tight affairs on the way up. Steady, purposeful and seemingly never-ending. But they must end and they do end. Its like climbing Everest. You make it to the top but the path back down can be deadly.
I present the charts, you decide:
GDOW EXTENDED FIFTH PRIMARY
NYAD PROPOSED EXTENDED FIFTH PRIMARY
[Update 6:55 PM: Taking a crack at mapping Minute [v] down to the 1 minute squiggles reveals some likely options.]
[Update 4:54PM: Check out the Price-Volume-Trend (PVT) indicator on the lower half of this DJIA chart. Diverging with price since the January 2010 high for the past 1 year. And now approaching the trendline.]
ORIGINAL POSTToday confirmed that indeed wave [v] appears to have started as I suggested in last night's update. It seems to be a wave five event as up/down volume ratio (4.85) and advancers/decliners (2.86) was a more muted affair.
Wilshire charts also show some very powerful potential Fib relationships
Wave (C) is almost .618 of (A) and within (C), wave 5 is nearly equal to wave 1.
NYAD count has enough waves now. It is a very satisfying pattern.
Weekly is, for all practical purposes, a touch on the upper channel line. It too has a very satisfying wave structure.