Dow Jones Wave (iii) of 3 To Resume From 23700 ?

Dow Jones has dropped from 29600 through 18200 levels until now and might have terminated Waves 1, 2, and 3 around 25000, 27000 and 18200 respectively. Another probability is that Wave 3 is extending and might have completed Wave (i) around 18200 wile Wave (ii) is expected to terminate close to 23700 respectively. Either way, a bearish reversal is expected from 23700 levels. Also note it would test fibonacci 0.618 retracement of the previous drop Wave (i), around 23700/800. Furthermore, Dow Jones is trading close to dropping resistance trend line since 29600 levels. A bearish reversal here, remains high probability and the drop is expected to be sharp as Wave (iii) of 3 unfolds.

Strategy:

Short @ 22800, add more @ 23700, stop above 27000 and target below 18000.

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