Dow - Which Directions?

If Dow can rebound from here, this will be the beginning of sub-wave iii. As explained previously the characteristic of sub-wave iii may be able to indicate whether Dow is forming major wave B or it is forming a new bull cycle. Market sentiment may be down, low and boring at this moment but as it has happened in the past, all you need is a couple of days of run-up with high volume, many traders will become very bullish and will move into the market aggressively.

However, if sub-wave iii is unable to go above the upper trend line, the following bearish interpretation can be a possible option. In this option the bear market rebound has ended and Dow is going to move all the way to the March low of 6547 or lower. I give a low probability to this pessimistic option.

Another possibility is as shown below. The current down trend will continue for a longer time to bring Dow to below 9000 to form an expending A-B-C corrective wave (IV) before the next up trend wave (V) starts.
Whatever happens, I can be wrong, anybody can be wrong but Elliott wave theory can never be wrong. Dow will take one of the form as mentioned by the theory. It has to be that way for the stock market to exist. You need a buyer and a seller at any time whether it is bearish or bullish to complete a transaction.