Dow (18,591) - Has the wave A ended ?

As I have mentioned in my previous article, very likely Dow is forming its super wave VIII in view of the Covid-19 and the volatile crude oil price.

On Monday, Dow touched an intra-day low of 18,230 followed by a 2% or 361 points rebound to close at 18,591 level. Dow future at this moment has gained 800 points reaching 19,300 level. The question now is whether Dow has completed the wave A of its super wave VIII?

Looking at the 4-Days 15-minute interval chart the 18,230 level has the possibility of being the end of sub-wave v of wave (iii). And if wave A has only 3 waves, it is possible that the 18,230 level marked the end of wave A. The rebound before the market closed could be the mini wave 1-2 of B.

But if wave A is going for 5 waves then the coming rebound is more likely to be the wave (iv) of A 0f about 10% gain. Dow will have another wave (v) down to complete its wave A.

I have also mentioned in my previous article an unlikely but technically possible scenario that the current correction is a degree lower mega wave (2) correction of about 36% pullback.

At Monday's low of 18,230 the pullback is about 38%

In view of the current situation of Covid-19 in Europe and America, it is hard to believe that mega wave (3) has started.

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