There are a lot of different models for this, and It's hard to determine, but some of the models I have seen have the first wave forming at the first high after the covid sell-off (96.55), but I consider that cluster part of market chaos/confusion and consolidation and therefore part of the formation of wave 1, which saw a high 103.47, wave two was a relatively short pull-back from mid April to mid-May followed by wave 3 that reached nearly 115 high. I believe we have been in a long drawn out pull-back since, wave 2 was relatively short and concise, and as such, it makes sense that wave 3 has been longer and meandering (and utterly frustrating), as this is typically the case with waves 2 and 4 (when one is long the other is short or vice versa). At this juncture we may be heading into the beginning of wave 5, where we will break the pre-covid highs in the region of 125, after which we will begin a new cycle.
Enjoy, thoughts please.
Enjoy, thoughts please.
Actually, wave 1 saw the highs of 115, I believe the pullback of wave two is ending now---which has been long and torturous. but a this juncture I do believe we are beginning wave 3 to break 115, then wave 4 for quick pullback (opposite of wave 2), and onto wave 5 to surpass the pre-covid highs.
Ostensibly we are in flux finishing up a long pullback from June, but not quite progressing upwards---wave 3 is taking the scenic route to it's trajectory.