Dow (21,200) - Optimism Improved.

Dow went to an intra-day high of 22,019 (+20.5%) before closing Wednesday session at at 21,200 level. The current rebound of 20.5% is too big to be a wave (iv) as compared to the9.8% wave (ii) rebound. If Dow can continue to move higher to form the mini wave 5  on Thursday, it is possible that the last low of 18,230 is the end of the wave A of the super wave VIII with a 3-3-5 ABC super wave VIII formation.

Another very optimistic possibility is that seemed to be impossible at this moment option that I have mentioned previously, the mega wave (2) option. That means the last low of 18,230 marked the end of the mega wave (2) and Dow has started its mega wave (3) formation. I myself find it hard to go for this option but technically it is one possibility.

Let's swing to the other end of extreme pessimism.

Last Monday Joachim Fels of PIMCO (a global investment management firm with US$1.91 trillion worth of assets under its management), issued a note to clients :

At this moment, basing on the current form of Dow, I am unable to develop an option with this possibility. A temporary good news.