Some people think we have already bottomed... if so good one! However, there is the real possibility that we have more downside to come. Something along these lines - don't pay attention to where the price points are, just more the way it could move... im expecting some volatility near the bottom though - how much I have no idea...
Most people are focussing on the large multi year triangle as being wave 4 but i think we've already had wave 4. We are now in a large wave 5 down and are in 1 of 3 of 3 of 5! the top of 2008 was wave 2 - complex correction, thus wave 4 was the 'simple' zig zag', i/e/ we've already had it and are now in wave 5...
looking to go long soon and hopefully ride a big 5th wave...
Short for the short-term, long for the long-term. I do believe we hit 100 which is mega long term resistance from a down trend line from way back. After that we'll most likely have a sharp retrace into a wave 4 seeing that wave 2 of the same degree was a complex abcde correction it seems. For the wave 5 who knows... could form a head and shoulders?
Road map against the count of the SPX. Not giving exact levels - just the way i'm expecting it to generally pan out.
Short-term short, long-term long. Actually the last 5th wave may not truncate at all - it could hit 95. Maybe that is more logical? Anyway, I'm still expecting one more push of some sort before heading into a correction.
One of the blue support lines will stem the bleed and then off to 5th of 5th and possibly new highs. Must not go below 146.30 though otherwise the whole count is invalidated.
Could pop to 95 where tough resistance is but the 5th of the 5th could truncate and this could be it... have to wait n see
Something like this? It's going to get volatile and choppy though... fasten your seatbelts! Who knows how far past the highs it'll go in the choppiness and once the whole thing retraces, who knows how far it'll go down before it goes past and reaches mega levels up in the sky!
A possibility! 23/02/2013 - This is still relevant based on the weekly chart and looking at pre-market, most likely remains relevant! Be careful if you're long DUST!
This could be an expanding wedge? Then at the end of it we would come back down to support somewhere. There are different elliott wave counts for the whole move from 2009 so I've no idea what the likely outcome is after this move,
Is this what people have been waiting for? Could be possible. This would then maybe tie in with a breakout in gold, the completion of the EURUSD advance, the unwind of USDJPY. Then at some point the USD would rise again... ?