Corrective

I still maintain (like I have for weeks) that this down move is a correction, not an impulse. The count at the larger degree is also a correction, not an impulse (see my last post).



Addition 5:05

Projection by request.

I really have no idea how this will play out (corrective waves are difficult to predict by definition), but if I had to guess, I would guess something like this. I highly disagree with the impulsive wave count at the Intermediate degree (the 5-3-5 P2 count). I think it is ridiculous. I think the Secular Bull Count (Impulse up from March 2009 low) is even more ridiculous. I think ultimately this will just be 'a' top that heralds a pullback (not a crash, but also more severe than a 'dip') before heading to higher highs in an ongoing cyclical bull market (which is ultimately an upward correction in an ongoing secular bear market).

See my summary here: Real Secular Bear Markets