It is still true that 'when the US sneezes the world catches cold'.
Dow is currently having its higher degree 8% wave (viii) consolidation.
Dow dropped 206 points (1.34%) yesterday, all the Asian market followed with big losses today. Investors also worried about a slowdown in China's economy.
Similarly the European markets are not doing well at this moment. The British, German and French markets all having losses exceeding 3% at this moment.
After 2 hours of trading, Dow has lost about 1.46% or 220 points. If I am looking at 14,300 level for wave (viii), from its current level of 14,900, Dow has another 600 points to go. Looking at the sharp drop, Dow may need less than 2 weeks to complete the wave (viii).
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