The rally can be counted as an impulse, although DJI did not make a new realtive high in wave 5 (SPX did), so some prudence is required.
If we accept the idea of a five wave rally, we should try to count the correction. And indeed, succesive abc corrections seem to be forming off the high, so we need to be patient and wait for the opportunity to go long, as we have to aalow for the possibility of a fairly deep correction.
The larger picture is murky to say the least, so this is a strictly short term opinion.
If we accept the idea of a five wave rally, we should try to count the correction. And indeed, succesive abc corrections seem to be forming off the high, so we need to be patient and wait for the opportunity to go long, as we have to aalow for the possibility of a fairly deep correction.
The larger picture is murky to say the least, so this is a strictly short term opinion.