As noted, MSFT is approaching the end of B wave of the that we continue to observe from 2000.
- Wave A: from 53.97 to 14.87 in 2000-2008
- Wave B: from 14.87 to 49.51 in 2009-2015 (49.51 is a of wave A)
What's left is an impulsive Wave C (which is usually large enough to overshoot the bottom), which will take us from 49.51 to below 14.87 during the next year. And if MSFT goes down, the rest of the market will certainly do the same.
The development of wave C will start once all sub-waves of wave B are complete. Its last wave C.5.4 is developing as a triangle and we still need one move up thrusting from it. I expect this to happen next week, so both MSFT and S&P are likely to overshoot or approach the earlier high one more time. This will be the end of the upward movement for the next year or so. By the way, Crude will complete its upward movement at the same time, approx. end next week. So the plan is in place, stocks and energies are in sync, and I am feeling very confident that the market will execute according to plan.