During the Chinese New Year holidays, besides eating, drinking and blackjack I managed to spent sometimes on alternate wave counts for Dow. One way is to count the waves based on technical indicator's behaviour.
Based on technical indicators, major wave (III) will have to be at the location as shown below. To have 5 waves for major wave (III), wave 2 has to be a 'running a-b-c' as shown below with a 'triangle a-b-c-d-e' wave 4.
Under this scenario, the 9908 low recorded on February 8 could be the end of major wave (IV), it is possible that Dow has already started its major wave (V) and has formed 5 mini waves so far and it is about time to have a small pullback. If Dow is in its wave (V) the technical indicators should stay at the upper levels for the next two to three weeks.
Dow gained 169 points on Tuesday to move back into the uptrend channel, quite a positive development. May be, I should monitor Dow's movement based on this scenario until it is proven wrong.
In the last market uptrend before the current correction, stocks that are related to rubber gloves have a strong surge but their current pullback were equally sharp, but based on their wave counts, most of these stocks have one more surge, the wave (v).
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