Dow is currently down about 140 points after 2 hours of trading on Wednesday morning. If Dow remains at this level at the close, sub-wave 5 and wave iii is likely to be completed. Next one month will see the formation of wave iv, a 7% pull back is my estimate. This is assuming wave iii as shown above, has 5 sub-waves only. It can have 9 sub-waves, then wave iii is extended.However if at the closing bell, if Dow can reduce the losses by half, then the wave iii has yet to be ended.
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