Since the Guru of Elliott Wave Principle Robert Prechter said, "the bear market rally is over," " stay away from the market for now." I really have to look at Dow from this angle that I have mentioned previously that "it is possible but is unlikely under the current economic scenario." Assuming Robert Prechter is right, Dow currently is either (a) at the beginning of its major wave C that is going to go lower than its March's low of 6547 or (b) at its last journey of its major wave B
If Dow is at the beginning of major wave C, it is possible that Dow is somewhere at sub-wave 2 of wave (I) of C as shown above.
If Dow is at the last journey of its major wave B, very likely it is currently forming its wave 9. I won't be surprised if wave 9 fails to break the wave 7's height for a double tops formation as shown above. (For 9 waves formation, it is acceptable that wave 3 is shorter than wave 5.)
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