Dow dropped 2% on Friday to close at 10172, that is 113 points (1%) below wave 6 (at 10285). My previous assumption that Dow would be heading for wave 7,8 and 9 is obviously wrong. One thing is for sure, major wave (III) has ended.With the latest development, Dow is EITHER heading for a more Optimistic Scenario as shown below. Wave (I), (II), (III), (IV) and (V) formation with 10,000 level as the support for wave (IV).
Bull Market Remains Intact
OR Dow is heading for a more Pessimistic Scenario of Robert Preachter's big A-B-C possibility as shown below.
Dow is Heading back To 6,000
If Dow ultimately goes for the pessimistic option, 2010 will remain in record as another disastrous Tiger year.
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