Swing Trading Strategies & Stock Picks Since 2003

As suspected in previous posts, the market has broken down out of it's Wave 4 wedge from mid November, 2008:

Now that we know what has happened, let's try to figure out what will happen. For this, let's start with a look at the Daily chart:

I left the Weekly channel on the Daily chart for context, but what is noteworthy here is the extent of this Wave 5 as projected by the software. As you can see, the initial target on the DJIA is between just under 5,000 and 6,500. We can take this down another time frame, to the Sixty-minute chart:

This intra-day view is showing a clearly established downtrend targeting 7500 on the Dow. This is an initial target, subject to change as prices come down.
In summary, everything I am looking at through an Elliott Wave structural perspective is saying that this decline is going to extend an immediate 500 Dow points and eventually as much as 3,000 Dow points. If something else is happening, it's not showing up yet on my charts, so for me at least, I'm going to stick with what has brought me this far, a simple application of some major tenants of The Elliott Wave Principle. If it ain't broke, don't fix it.