For option 1 and 2 as shown below
Option 1 - Dow at the ending part of wave (I), to be followed by the wave (II) pull back.
Option 2 - Dow has completed wave (I) and (II) and is in the initial stage of wave (III)
The volumes of Dow and Nasdaq tell me that option 1 is the most likely outcome. Volumes have been shrinking since early may. Volume divergences usually signal the ending of a major wave. Option 2 is less likely because usually wave (III) is more dynamic than wave (I) and it should have a higher volume than (I).
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