The Dow Jones inched higher to 24000 levels yesterday before closing at 23879 levels in the spot segment. If the earlier wave counts discussed were correct, the Wave iv projection stands invalid for now since prices penetrated Wave i termination at 23881 levels. As discussed yesterday, the structure still continues to remain bearish and in fact a lower degree wave iii could be still unfolding as a potential extension. Please note that the recent boundary that is being worked out could be between 26000 and 21800 levels and the rally is seen to be stalling close to fibonacci 0.618 resistance at 23662 levels. Also note that the rally from 21800 through 24000 is just a counter trend (3 waves) and a bearish confirmation here could resume lower again.
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It could be way bigger than you think.
In my view, Wave 2 of a Supercycle started rolling down
kesmoments
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@ReallyMe, absolutely it's up in a super long time frame!!! But if this wave 2 hits 16000 that could be quite deep, and in a shorter time frame, it would look like a crash.
ReallyMe
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@kesmoments, right. I don't think it retraces as low as 16000. I think it will be something like 21000 or 19400 at lowest...
In my view, Wave 2 of a Supercycle started rolling down