In a post 2 months ago, I wrote that the benchmark index to identify the potential Top of this Cycle is the DJIA and today I am more convinced than ever.
Preferred medium-term scenario: we are in the early stage of wave c minor of (y) intermediate of [Y] Primary.
First Alternate medium-term scenario: we are in the final stage of Alt:3 minor of Alt(c) of [Y] Primary.
SPX is in a corrective mode more complex than DJIA.
Preferred count: we are in wave 3 (or 5) of wave [3] minuette of a minute of z minor.
First Alternate count: we are in Alt:[c] of Alt:w of z minor.
Therefore, according to my point of view, the main scenarios of these two Indices suggest that the uptrend is not yet over.
ElwaveSurfer
very interesting, what would the intermediate top be on DJIA 15750?
ReplyDeleteHi Abugarance,
ReplyDeletemy target is variable, around 16400 if the top will be in August or September, and in any case close to the intersection of the prices with the Triangle's up-trendline (red line on the daily chart).
However, the most important thing will be the structure of the pattern; if the right outlook is that of Caldaro, will prevail the alternate count (see my "US index long term view" page, weekly chart).
Regards.
ElwaveSurfer