See previous post for preferred view. But let's consider the alternative. To keep things simple I will use SPX for bullish and INDU (DOWI) for bearish. W5 up idea is the same like this:

Although where we label the end of W4 drop makes a big difference, especially in the time target. Was it 8/2015 or 1-2/2016? The majority of USA indexes (SPX, MID, COMPQ, COMP, RUT, NYA, VTI) basically everything except INDU / DOWI and NDX, and NDX was partially pricing discrepancies on 8/24, made lower lows in 2016. But for this index we are considering the bearish count, so I'm using the lower price low in 8/2015. Projecting W1 from W5, INDU has already done 50%. This leaves the typical bullish version targets 61-100% of W1 19350-21800 above.

If we add a time projection we are past 38% of W1 and 1 bar from 50%. In fact, 50% in price and time line up at 18590 (let's say 18600) and 9/2016!

Even if higher, we could reach 61% in price and time 19350 12/2016 which is sooner than the SPX version pointing to 2017 Q2 as more bullish high.

If we were to see a failure, we would more likely see some topping pattern; instead of powerful 5 waves up, could be some ending diagonal. The weekly chart would look more like this.

Note W3 is dividing into 5, and we could already be in w5 of larger 3. This would mean important top soon (ideally from YR1, hey!) and decent pullback from there. After that pullback we would still have another rally to higher highs, though this would be a crucial high for the bull market - end of W5 monthly and W5 weekly.