Dow

Dow bounced sharply in 3 waves then gave up. The rise was 3 waves with a triangle in wave b of the a-b-c rise. And we broke the wave b low. What is important is to wait and see if the recent decline is impulsive or 5 waves. If it is then it maybe wave v of 1 down. The size of wave iv puts you on a back foot to thinking so but it is possible. Maybe wave v down is truncated and a double bottom but not new lows. right now the fall itself is only 3 waves on the hourly chart so it will take one more push lower for me to mark it as wave 1 and then expect wave 2 up. Lets see if that happens. A 3 wave fall and not 5 waves down would open up other short term bullish alternates that I will discuss once we get clarity on the structure here.