Revisiting an idea I had some months ago this chart places the correction from the top in 2000 as an expanded flat which is still in progress!
The wave structure in this expanded flat is wave (A) = Zig-Zag, Wave (B) = double Zig-Zag, W,X,Y and Wave (C) still to come.
A set of trend lines connects the points where Wave W=Y and Wave A=B and a final expanded flat looks to be in progress finishing with a possible
ending diagonal which may be at or very near its peak? It is always very difficult to call the final top but the extended momentum indicator along with RSI and MACD are all showing very overbought with divergence.
With a general election not too far away I expect the next few weeks to be interesting and volatile.
Good Luck.
The wave structure in this expanded flat is wave (A) = Zig-Zag, Wave (B) = double Zig-Zag, W,X,Y and Wave (C) still to come.
A set of trend lines connects the points where Wave W=Y and Wave A=B and a final expanded flat looks to be in progress finishing with a possible
ending diagonal which may be at or very near its peak? It is always very difficult to call the final top but the extended momentum indicator along with RSI and MACD are all showing very overbought with divergence.
With a general election not too far away I expect the next few weeks to be interesting and volatile.
Good Luck.