DJIA has made a new low yesterday and the entire move from 13661 could have probably finished 5 waves down. However the time it took for wave 5 to unfold relative to the other waves is too small. Therefore my analysis gives more chances to the scanrio that only wave i of 5 is finished. Even if the entire wave 5 downward move is finished, wave 2 is expected to last several weeks since this downward wave took almost 1 month to unfold. Trend is down and a small pull back for a minor corrective wave is expected to be seen during today's session or at the open.
As mentioned in a previous post, it was essential that wave 4 would not overlap wave 1. It came so close but it did not overlap 13296. Blog followers who contacted me at that time, placed selling orders with very close stops at those levels and took this low risk opportunity. That is what we are after. Low risk opportunities. Riding the trend is good too, but snatching a profit of 300 points in Dow in such a small time frame makes you feel great!!!I hope we keep up the same pace. And never forget to place stops.
Thank you for taking the time to read my new post.
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