DOW JONES on IGMArkets

The DOW hrly has traced out a 3 wave equal measure strructure (so far).. current levels are pretty important and I'd suggest that much lower even if followed by a bounce (say another 100 points lower) suggests that further downside is certain and that means around 11600 ish...

Currently we have 5 discernible tho conjectured waves down, a legitimate time for a bounce if only 50 % of last down leg.










Daily chart shows the current action a little clearer as a 3 wave..

Fib extensions based on first wave down gives a legitmate bounce point if further downside ensues, which would be 'round where I 'd be looking for termination of a wave three, then a wave 4 up, then a 5 getting down possibly to the marked lower trend line

Note I am saying that current action is quite possibly an ABC style correction after a marked 5 wave trend up from July 2010 lows..