The wicked generation is an ethical reference, not a chronological reference. It means that the righteous will be vindicated and the wicked will be judged. The application is that we should take heed and watch.
II. Olivet Discourse (cont)
D. Is the son of Man's coming literal or symbolic?
E. Application and five parables
F. Betrayal and death
1. Examination by Jewish leaders
2. Question about whether or not Jesus is the Messiah
4. Role of the crowds