Dow closed slightly below the 15,000 level on Wednesday at 14,960. If it can close higher today, then my previous wave count as shown below remains valid.
However if Dow continues to drop further, an alternative wave count is as shown below.
After 2 and a half hours of trading, Dow has dropped about 100 points to14860, giving this alternative wave count a higher probability unless buyers push it to above 15000 at the close.
Under this alternative, the recent high marked the end of wave (vii) and the current downtrend is the wave (viii) correction. Dow will go for an 8% to 9% pullback.
Singapore STI
Singapore STI dropped about 8% within 10 trading days, quite steep and sharp. The index dropped another 50 points or 1.54% today to close at 3,193 and remain within the up-trend channel. A drop below the lower support line will confirm that wave 1 has been completed and wave 2 is in progress.
Roland Garros
Sharapova moved into the French Tennis Open final by knocking out Azarenka 6-1, 2-6, 6-4 in the semi-final.
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