Bounce near completion - Clear 5 waves up to 618/786 zone
Updated
Since we are getting a clear 5 wave move higher on the daily. I am not longer of the view that we will see a complete C wave down from here in a larger downside move to near 1700. I believe we will see a W2 down toward the 618 before resuming higher in a W3 push to the old highs or beyond. I think this entire move down on the monthly chart is like a W4 of a larger super cycle and we could be in W5 up before a potentially much larger decline in a year or so...
Comment
To be clear... I could see the failure coming in one of the two red boxes... However with earnings this week it could come after hours at anytime if we get it.
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