The Dow Jones seem to be in complete control of bears, since it carved a lower top around 26300 levels earlier. Please note that we had discussed this drop around those levels and that the previous rally could just be a bull trap. Looking at the wave structure, it is quite clear that Dow Jones had dropped in an impulse earlier between 26950 and 24100 levels respectively. Furthermore the drop was followed by a 3 wave corrective rally A-B-C towards 26300 levels. If this structure should hold, we would continue lower towards 23500 and further in the coming trading sessions. Also note that any intraday rallies should remain well capped below 26300 levels.
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