Dow Jones short term target below 23000

Dow Jones might be ready to drop towards 23000 in the short term. The indice had rallied through 27600 levels on June 08, 2020 before reversing sharply lower. The short term wave count could be as follows: The drop between 27600 and 24843 was in 5 waves, hence labelled as Wave 1. The counter trend rally reached fibonacci 0.618 retracement around 26611, labelled as Wave 2. If the above counts hold, Dow Jones should be heading lower towards 23000 and beyond, as Wave 3 unfolds. Please note the indice should stay below 27600 for the above count to remain valid. There could be a sharp rally to test 26600 before Dow Jones reverses.

Short on rallies, Stop @ 28500 target @ 23000 and lower.

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