Dow jumped 292 points (+1.84%) on Wednesday to set another new record at 16,168 level after Federal Reserve announced to reduce its US$85 billion monthly bond purchase by US$10 billion starting January 2014.
With this surge, last Thursday low of 15,739 is very likely to be the mini-wave 2 of the sub-wave iii.
Dow will set more new highs on its way to complete its mini-wave 3 of sub-wave iii. 3 of iii, it has to be dynamic. With this wave count, Dow is likely to complete its wave (ix) during third quarter of 2014.
Another possible wave count is rather pessimistic, sub-wave iii and iv of wave (ix) were completed as shown below, a wedge formation. Wave (ix) can be completed within the next two weeks.
I personally feel that this option is unlikely. It is more likely that Dow will break its upper resistance line to complete its mini-wave 3 of sub-wave iii.
Land & General Bhd (46 sen)
L&G closed strongly today at 46 sens. Is this the starting of sub-wave v of wave (iii) ? With a quarterly earning of 3.86 sen per share and having cash at 42 sen per share, L&G at 46 sen is dirt cheap.
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