Dow Jones almost terminated Wave iii close to 21800!

The Dow Jones plunged over the last 2-3 trading sessions as expected and has almost hit the Wave iii potential target around 21800 levels (the 1.618 extension is pointing towards 21500 levels). The wave structure is looking intact with Waves (1), (2) complete and Wave (3) in progression towards the potential target at 21500 levels as presented on the daily chart here. Immediate resistance is seen at 24000 followed by 24800 levels respectively. It is advisable to remain short for now and look to book profits around 21500 levels as discussed earlier. Maybe a long term bearish reversal has been initiated on the Dow Jones as expected and discussed earlier. Overall, bearish momentum remains but watch out for pullback rallies for opportunities to go short again.


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