because wave 5 looks like an ending diagonal. rules are the 5th wave must be shortest wave so there isn't much room for more downside
i don't know how its possible to continue lower if that is an ending diagonal (if one is following ewp)
the price action of wave 5 (dec 24+) is very overlappy. wave 4 moving into 1 territory and lots of three wave structures everywere. it doesn't have a feel or look of a real impulse wave (compare it to 3). only one wave describe that action: ending diagonal. there are limits to how far the last 5th wave may travel (i believe 100% of 3 is maximum it is allowed to move). it touched .768 of 3 and i believe that's the end of this diagonal.......... all 5 waves are "in". what next? up! there is nothing else left ....ABC 1year+ correction is over............... count down begins to ATH by march 27
of course the market isn't going to sound the alarm bells. that was an ending diagonal. if we follow the rules we can know in advance what the market will not do ie exceed the length of the third wave of ED. so we can plan ahead and buy WITH FULL FORCE!
here is a nice sight to know rules of ewp. check out the ending diagonal section
i have wave II at 45
i believe we are in a wave III super cycle starting from low of 2.22. it is a trending wave ie. will bounce between the upper and lower channels progressing higher and higher
we haven't yet reached wave III (my guess is 7K-10K)