The price continues to move down, but the Dow Jones chart shows signs that the downward momentum is likely to end soon.
A wave structure of a higher-degree indicates the formation of an upward impulse. Now a correctional wave [iv] has been formed within this structure. After its completion, the development of the ascending wave [v] with the update of the previous maximum can be seen.
Waves of a lower time-frame form a triple three. The price is currently in the wave (z). When this wave is completed, a more directional price movement is expected.
To summarize, it is worth noting that the upward movement continues to develop on the chart on a higher time-frame. However, the wave analysis indicates the final stage of formation of this impulse.
In this situation, long positions are prioritized.