Fear is in the market, reasonably so, after such a huge drop. We haven't seen anything like this since February. Many are suggesting that this is the beginning of the bear market, if you're one of those individuals, I'd recommend waiting for more signs to support that idea. As If things end of playing out the way I believe they will, you will end up with a large loss. Not to say that I am correct and you are wrong, but simply suggesting that there is an alternative count and to be careful, I'd hate for you guys to get sucked into a trap. Expecting a bounce to begin around the 2680 range and followed with strong upward momentum.
AS ALWAYS THIS IS NOT FINANCIAL ADVICE For educational purposes and a means to share ideas.
What do you think is happening in the market? I'd like to hear your ideas!
Zerotozeros
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*Note* Just to clarify: My analysis isn't representative of the time in which I think the correction will take to play out
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Look for 2775 to break. Then expect some resistance around 2830.
So, when you draw your bottom trend line, it should go from the 0 point and through the bottom point of the 2. Where it intersects the price action above is the point where you know the 3rd wave is over. At that point, the line should go from the bottom of the 2nd wave to the bottom of the 4th wave. Where it intersects the price action above is the point where you know the 5th wave is over. Because of the way you've drawn your lines, you can't draw the conclusion that this 5th of the 3rd Grand Super Cycle Wave, that started in the 1974, is forming an ending terminal pattern... Hopefully, you don't get stuck in a Bull Trap...