Dow (22,445) - How low will it go ?

With the 414 points drop (-1.8%) on Friday, Dow has ruled itself out of the A-B-C-D-E major wave 8's option.

If this current correction since January this year is still the major wave 8, the only option left is an expanding A-B-C corrective wave.

Looking at the longer term 11-year chart, the major wave 2 correction is 13.5%, wave 4 pullback is 15% and wave 6 is 12.5%.

At Friday's closing level of 22,445, the pullback for the major wave 8 so far is 15.67%,  magnitude wise the bottom is about there unless the current correction is not a major wave 8.

Assuming it is indeed a major wave 8, within acceptable limit, 22,000 level can be a possible level to end the wave, that is only another 445 points away. Looking at all the bearish remarks by the financial experts, is this possible when even the former Federal Reserve Chairman Alan Greenspan told CNN recently that the bull market is beginning to fumble? With this week bearish sentiment, the 22,000 level, that is only 445 points away can be broken within a day or two, unless the current sentiment begins to change next week.

So the important question now is whether I have counted the waves correctly that the major wave 8 is about to end and Dow still has a major wave 9 to go in 2019/2020 or I have counted the waves wrongly all these while that in actual fact the mega wave VII has already ended and the mega wave VIII's 50% pullback has already started?

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