Dow

The size and time the US markets have taken to bounce now favor this wave count that I discussed once last week. Wave 5 was truncated and short and does not show up clearly on weekly charts. An a-b-c advance has started and may fill the Gap in the 3rd wave as it heads to retrace 50% of the entire fall near 24000. Wave c of the rise has started and is subdividing into 5 waves. Now despite time taken if this a-b-c rise does not overlap with wave 1[in both the Dow and Nasdaq], we will leave the alternate wave count that this is still part of wave 4 open for consideration at a later date. Right now all we know is that a-b-c up is in progress and maybe not over.