The main question now is how high wave iii will go and for how long. There are three possible levels as shown above. A failure wave iii will stop near or below its previous high of about 11,200. Under such circumstances, the bear will appear before September; It may reach its upper trend line at around 12,500 by October; and lastly, it may move toward its October at around 14,000 to for a double tops.
I prefer to monitor along the most pessimistic possibility that it will end around 11,200 until it is proven wrong. As shown above that point of 11,200 can either point B for the case of a major wave 6 OR wave 2 for the case of a mega wave (IV). At the same time it is good to remember the following two charts, in order not to forget that the current rebound is only a short-term rebound.
For mega wave IV, Dow is at the half-way of wave 'a' of mega wave iv as shown above
For major wave 6, Dow is in the process of completing its wave iii of major wave B as shown below before the devastating major wave C started that can bring Dow to 6500 plus-minus
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