ok, i believe 5388 was the end of 3. it was a typical 161.8% of wave 1 (sub wave five seems to be extended). depending on how much wave 4 retraces, 6K+ is a real possibility. i'll update the chart once wave 4 is in.
Comment:
once the correction starts... it is typical of markets to find support at the previous wave four of one smaller degree. in our case, the natural support is at 2972 at wave (4). wave four usually correct 38 - 50% of wave three in general. in this case the 50% is more relevant. working backwards with this idea we can show the top at 5532...... i think it's a good idea to be cautious at 5500 and above. of course the market doesn't need to correct this far down if it doesn't want to but it's good to always be prepared just in case
this correction will take quite some time possibly 5 months or more till march 2018 or so just like primary wave 2
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this correction will take quite some time possibly 5 months or more till march 2018 or so just like primary wave 2