Tuesday, November 10, 2020

Dow after reaching a new intra-day record high of 29,933 on Monday, it closed the day trading at 29,157 level, gaining 834 points or +2.95%. The run continued into Tuesday gaining another 262 points (+0.9%).

With great possibility, this is the sub-wave i of the wave (i) of its major wave 3 of mega wave (3). I still need the Dow to continue with its sub-wave iii's run into record territory to above 30,000 level to put beyond any doubt that mega wave (3) is the option.

But the 10.5% pullback for the major wave 2 of mega wave (3) appeared to be a little small when compared to the major wave 2, 4, 6 and 8 of mega wave (1) that ranged from -14.6% to -19.4%. 

It is possible that the current major wave 2 of (3) correction is not over yet. There is a possibility of an 'expanding triangle' A-B-C major wave 2 corrective wave formation of -14.8%.

The super wave VIII option that I mentioned previously may appear to be very unlikely at this moment but technically it cannot be ruled out yet. Just to be a little cautious I will keep it at the back of my mind for a while until such time that it can be ruled out technically.

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