This is a projection based on what happened last time there was a big drop.
I am expecting 5 waves from wave A so we are still 3 - 4% above the bottom of wave A.
Last time there was a 0.786 retracement of the drop and then wave C down extended between 0.618 and 0.786 of wave A. I don't know if it will behave the same, or quite differently. But this is what the price will do if it behaves the same.
I am just watching it, and not in the market in any way. Good luck everyone and protect those funds. If I was in the market, I would be aware that the correction could well be deeper - I haven't done a detailed wave count - so am not willing to say if we are seeing the end of a large scale wave degree, which would imply a more significant correction.
I am expecting 5 waves from wave A so we are still 3 - 4% above the bottom of wave A.
Last time there was a 0.786 retracement of the drop and then wave C down extended between 0.618 and 0.786 of wave A. I don't know if it will behave the same, or quite differently. But this is what the price will do if it behaves the same.
I am just watching it, and not in the market in any way. Good luck everyone and protect those funds. If I was in the market, I would be aware that the correction could well be deeper - I haven't done a detailed wave count - so am not willing to say if we are seeing the end of a large scale wave degree, which would imply a more significant correction.
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Wave A target met
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Just to be clear: I don't expect the S&P will follow the previous pattern. Wave C down will likely be at least as long as wave A and there will not be a new all time high set afterwards.