Dow declined 33 points (-0.3%) to 10534 after 30 minutes of trading on Thursday morning. If Dow is in the direction of forming its major wave (V), it still has 2.5 to 3 months to complete its major wave (V), its short term movement should remains within the two trend-lines as shown below. Any pullback should be short term in nature and should not go below the lower resistance line.
Same as its major wave (I), this major wave (V) is expected to have 5 wave. Based on the above wave count, Dow is currently half-way through its wave 1, but has to bear in mind that this wave count can always change into some other form slowly. But so far, Dow is rather well behaved.
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