Dow Jones ready to resume lower towards 23000 levels

Dow Jones might be preparing to drop lower towards 23000 mark as Wave 3 of (3) could be underway since yesterday's high. The indice has held below its June highs around 27600 levels and lower degree counts suggest potential Waves 1 and 2 in place at 24843 and 27071 (these are spot rates) respectively. If the above counts hold well, Dow Jones should reverse sharply towards 23000 and 20000, going further. Overall structure remains bearish until prices stay below 29600 mark and it is just a matter of time before bears are back in control.

Remain short, stop @ 29600, target @ 18200 and lower.

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