Rising Wedge - retrace back to 5400 before Wave 5 up to 6800.
Pretty clearly displayed in the chart. The wave counts have matched up pretty well the last couple months. It seems we are going to complete this Wave 5 subwave with the rising wedge formation and also hitting the upper trendline of the channel we've been in. This should result in a rejection near 6000 and a retrace/consolidation back to 5400 range, at/near the bottom of the uptrend channel. It is clear we are in a new bull market and these corrections and retracements are a healthy step in the process.
After reaching the 6800/7000 mark and completing Wave 1 of the Supercycle, a .618 retrace could take us all the way back down to 5100 before Wave 3, 4 and 5 takes us to 10,000 by end of the year.
After reaching the 6800/7000 mark and completing Wave 1 of the Supercycle, a .618 retrace could take us all the way back down to 5100 before Wave 3, 4 and 5 takes us to 10,000 by end of the year.
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