Is Dow going to plunge ?

Dow dropped close to 400 points in the last four days to closed at 10,040 on Tuesday. It has dropped another 55 points after 1 hour of trading on Wednesday morning but I don't think Dow is going to plunge from this level if my reading that Dow is currently on its sub-wave ii of its wave 3 as shown below is correct. I am expecting a sub-wave iii rebound soon.



However if Dow continues to drop further to below 9686 level that will mean that the above chart interpretation is wrong, then it is likely that the wave 2 of the major wave B has not been completed yet. Under this scenario, Dow can go to as low as 9,000 to complete its wave 2.
This is possible but I don't think so.


If Dow can reverse from its current level of around 10,000 as shown above, its sub-wave iii is likely to reach 11,100 level. A more likely scenario.

Inch Kenneth

Inch Kenneth has form 3 red candlesticks in the last 3 days as shown below. If it can hold above 58 sens, it may be forming its wave vi before resuming its up-trend to form its wave vii.


If Inch Kenneth is unable to hold above 58 sens level, it is possible that its wave 3 has been completed and it is forming its wave 4 that can have a low of 54.5 sens as shown below. Wave 4 may take more than 1 month to complete.