We are presenting a short term (hourly chart) wave counts today, after having seen the daily charts earlier. Please note that Dow has broken below its immediate line of support on the hourly view, and it has also taken out initial support at 25000 levels before pulling back. The indice is seen to be trading around 25700 levels at this point in time and is expected to drop lower towards 24500 levels at least, according to the fibonacci extension projected here. Also note that the next lined up support is seen close to 24020 levels and it would not be a surprise if bears could target the same. Looking into the wave counts, Dow might resume lower to complete its 5th wave at a lower degree. Ideally, prices should remain below 26300 levels for this count to stay.
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