Dow has a very volatile 4-day week. 5th December was declared as National Day of Mourning to honor the death of US's 41st President, George H.W. Bush.
Dow gained 288 points on December 3 and plunged 799 points on December 4. On December 6 Dow plunged 787 points within the first two hours of trading followed by a surge of 700 points to close the day with a net loss of 80 points. On December 7 Dow gave up 558 points (-2.28%) to close the week at 24,288 for a net loss of 1,150 points or -4.5%.
Despite the volatility, it remained possible that Dow is forming its A-B-C-D-E major wave 8 correction as mentioned in my previous post, provided Dow does not drop below the lower trend line.
Once Dow dropped below the lower trend line next week, I will have to abandon my above wave count and have no choice but to go for the following more bearish wave count.
And this time around Dow may not stop at 23,000 level.
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