Wednesday, September 1, 2010

Dow - Surged on first day of September


Dow surged about 240 points after one hour of trading on Wednesday morning, the first day of September. Last two days of pullback formed the first sub-sub wave (one dot - two dots) of the uptrend iii. Using wave i's magnitude as a guide, a wave iii with a similar magnitude as wave i, 11,100 can be a minimum target for wave iii.



The fact that the wave i of major wave (3) is so much smaller than the wave i of major wave (1), major wave (3) is going to have a magnitude that will be much smaller than that of major wave (1), this is a typical wave (3) of B. Since this major wave (3) takes the form of five waves,
i-ii-iii-iv-v, B is likely to drag until October.

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