I will later go in deeper chart analysis on our current wave 5.
The Principle posits that collective investor psychology, or crowd psychology, moves between optimism and pessimism in natural sequences. These mood swings create patterns evidenced in the price movements of markets at every degree of trend or time scale.
In Elliott's model, market prices alternate between an impulsive, or motive phase, and a corrective phase on all time scales of trend, as the illustration shows. Impulses are always subdivided into a set of 5 lower-degree waves, alternating again between motive and corrective character, so that waves 1, 3, and 5 are impulses, and waves 2 and 4 are smaller retraces of waves 1 and 3. Corrective waves subdivide into 3 smaller-degree waves starting with a five-wave counter-trend impulse, a retrace, and another impulse. In a bear market the dominant trend is downward, so the pattern is reversed—five waves down and three up. Motive waves always move with the trend, while corrective waves move against it.
The classification of a wave at any particular degree can vary, though practitioners generally agree on the standard order of degrees (approximate durations given):
Grand Supercycle: multi-century
Supercycle: multi-decade (about 40–70 years or longer under and Extension)
Cycle: one year to several years (or even several decades under an Extension)
Primary: a few months to a couple of years
Intermediate: weeks to months
"1929" The start of the "Great Depression" --- Plus 90 yrs = "2019" = 90 yr Anniversary "1929 Crash"
"1932" The "Great Depression Low" in the "DOW Ind." --- Plus 90 yrs = "2022" --- ? Will This Be The Next Major Low + or - ?
Other cycles due to bottom in "2022" plus or minus
4 yr --- 10 yr --- 20 yr --- 40 yr --- ( ? 90 yr cycle ? )
This is for information only --- "Education Only"