Tuesday, July 14, 2020

Dow (26,642) - Can wave B scenario be ruled out now?

Dow added 556 points (+2.13%) on Tuesday to close at 26,642 level, that is 349 points above my critical 26,293 level to rule out the wave B scenario.

After looking at the latest wave form, there is still a last possibility for wave B as shown below, a diagonal wave c to end the wave (ii) of C. 26,800 should be the last level to keep the wave B scenario alive. that is a mere 158 points away. At this moment the Dow future is in the green. +281 points at 26,772, almost reaching 26,800.




If Dow can close well above 26,800 on Wednesday then the seemed to be impossible mega wave (3) scenario does look possible.


By that time I will need to look at another likely wave form besides the mega wave (3) option. A fact is, for the market to exists, there must be buyers and sellers at the same time with opposite opinions.

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