Dow

The Dow bounced back intraday after gapping down on the overnight futures market that spooked the world. The real takeaway is that the fall in the Dow was impulsive, or 5 waves down, and any bounce is counter trend and will not last long, maybe up to the wave iv high to fill the gap but after that we should head lower in wave 3 of 3. The Dow and S&P broke the previous swing low confirming that the triangle scenario that I discussed two days ago is out, and the 3 wave rise a-b-c is over as a flat. We are in wave 3 down at larger degree.