Dow surged 470 points (+1.6%) to a new record high of 29,950 at the close of Monday trading session after Mordena's released preliminary data showing its vaccine candidate was 94.5% effective in preventing Covid-19 infections.
With the Dow surpassing is previous record high of 29,568 and with the possibility of a covid-19 vaccine be available in the near future, Dow is likely on its way to form the mega wave (3) of its super wave VII.
The mega wave (1) took 11 years to move from 6,469 level from March 2009 to 29,568 level on February 2020 for a gain of 357%. The mega wave (3) is expected to have a magnitude that is at least equal to (if not more than) that of the mega wave (1) of 357% gain in a 5-wave movement for its super wave VII unless the super wave VII is a -9-wave movement then the magnitude of mega wave (3) will be smaller than the mega wave (1).
Assuming a minimum gain of 357% for mega wave (3) in the next 11 years in a 5-wave movement, Dow has a minimum target of 83,000 by the year 2031. In general the third wave is expected to be longer than the first wave by Fibonacci ratio of 1.618 or 2.618 in a 5-wave movement.
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