Dow Jones bounces off 24100/200 levels, just a pullback!

Dow Jones dropped all the way to its interim support at 24100 levels yesterday before pulling back sharply, managing to close near 25000 levels. Looking at the wave structure, a lower degree wave i can be labelled at 24100/200 lows, and wave ii could be unfolding now; as highlighted on the daily chart presented here. Please note that fibonacci 0.618 resistance of the recent drop is seen at 25300 levels, which could potentially be the next turning point. Furthermore, as discussed yesterday, the 3rd of 3rd wave (which could resume from around 25300 levels), can be expected to be the most powerful in terms of price and time, as the larger degree Wave (3) unfolds. If the above structure should hold, we could see prices staying below 26000 levels going forward, with potential targets below 23000 levels.


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