  We reconsider the composite fermion theory of general Jain's sequences with
filling factor $\nu=N/(4N\pm1)$. We show that Goldman and Fradkin's proposal of
a Dirac composite fermion leads to a violation of the Haldane bound on the
coefficient of the static structure factor. To resolve this apparent
contradiction, we add to the effective theory a gapped chiral mode (or modes)
which already exists in the Fermi liquid state at $\nu=1/4$. We interpret the
additional mode as an internal degree of freedom of the composite fermion,
related to area-preserving deformations of the elementary droplet built up from
electrons and correlation holes. In addition to providing a suitable static
structure factor, our model also gives the expected Wen-Zee shift and a Hall
conductivity that manifests Galilean invariance. We show that the charge
density in the model satisfies the long-wavelength version of the
Girvin-MacDonald-Platzman algebra.
