Dow (24,465) - B wave continues

On news of effectiveness of a potential vaccine for Covid-19, Dow future at this moment reaches 24,942, up 518 points or about 2%, that is 235 points above its mini wave 1's high of 24,707. If Dow can open its Tuesday session at around 24,900 level, then Dow is forming its mini wave 3 on its way to complete its wave (iii) as well as its wave B.

By early June, Dow is expected to complete the wave B of its super wave VIII. Wave C is expected to drop at least 38.4%, same as that of its wave A's drop. Assuming wave B can reach a high of 26,000, 38.4% of that is about 10,000. That will give wave C a possible low of 16,000.

The very optimistic option of mega wave (3) formation looked very very unlikely at this moment.

I am looking for a dynamic run-up with high volume exceeding 500 million. So far the Dow has been half dead with an average volume of 360 million except on May 18 when Dow gained 912 points (+3.85%) with volume of 484 million.

Until there is an euphoric run-up with high volume, It is very likely that Dow will finish its wave B of VIII in early June and will start its wave C that will ultimately end with a minimum drop of 38.4% or 10,000 points.

Be careful, June is only a few more days away.

Mirage from Kitaro