Dow closed above 22,000 with a new record high of 22,016 on Wednesday. Is this the second scenario that I have mentioned before, it broke out of the wedge and is forming the small wave iii of the minor wave (iii) of mini wave 3.
But the lack of volume and the lack of an euphoric sentiment in breaking the upper trend-line as well as the 22,000 level give me the excuse to come out with another possible scenario as shown below.
If Dow cannot pull away from the 22,000 level with more enthusiasm and with much higher volume, it is possible that the breaking of upper trend-line is an overthrow and the run may just end here.
For the Malaysian market click 'Sovereign default' to judge for yourself its impact.