How far will we go?
Like i mentioned in my last analysis, we would probably top out at 3200 - which we did. We're now in a corrective move but how far will we pull back? I couldn't quite capture it on the chart, but the current wave A is in it's third wave, so we will see it bottom out soon after which the corrective b wave will move up to around 3100. After this move we will see a wave C come in 5 waves, but how far it will move we will just have to see. It doesn't have to pull back to the .618 retracement at 2600 and could just go back down to the bottom of wave A again - we will just have to wait and see.
What will be extremely interesting to see is after the overall corrective move is over, we will most likely be entering a wave 3 which will - believe it or not - be EVEN STRONGER than the wave 1 we saw. This might seem ridiculous and i don't really believe it myself, but it is what the markets are telling us.
What will be extremely interesting to see is after the overall corrective move is over, we will most likely be entering a wave 3 which will - believe it or not - be EVEN STRONGER than the wave 1 we saw. This might seem ridiculous and i don't really believe it myself, but it is what the markets are telling us.
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