Dow Jones Wave (3) still in progress below 21400?

The Dow Jones produced an intraday rally towards 23327 levels yesterday but it still remains vulnerable to turn lower one more time and print below 21400 levels. Looking at the wave counts, the Dow Jones seems to have completed Waves (1) and (2) at 24120 and 26000 levels respectively. Since then Wave (3) has been in progress lower and has produced 4 waves. The 4th wave might have terminated at 23381 levels last week and if this holds true, we could witness wave v lower towards 21000 levels, to complete a higher degree Wave (3). Also please note that if the above structure should hold valid, prices should remain below 24000 levels, which is wave i termination point as presented on the chart view here. Overall bearish momentum should remain until prices stay below 24000 levels.


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