Dow - The starting of wave iii of (3) of B ?

Dow gained 165 points (1.6%) to close at 10150 on Friday. Can this be the starting of the wave iii of wave (3) of major wave B as shown above ?




Friday's candlestick formed a 'Bullish Engulfing' pattern. According Bulkowski, this pattern has a 63% chance of a trend reversal.






If it does reverse and if wave iii has the same magnitude as wave i, the target for wave iii is about 11,100. However, if the magnitude of wave iii is very much less than that of wave i, then wave (3) is very likely to reach the top of wave (1) to form a double tops to complete the major wave B.

It is interesting to note that even though Dow and Nasdaq have their historical peaks at different times as shown below.

The current wave (iii) run-up (if trend does reverse) is the same for both of them. Dow is on wave (iii) of major wave B whereas Nasdaq is on wave (iii) of major wave D.