Market Thoughts:
With all the talk of 97 months being longest bull market in history, and this one passed 97 month in April, 2017, is it possible this one ends at the Fibonaci Golden Ratio of 1.618?. If that is the case, then this bull market should end just shy of 157 months. That would take us to March 2022.
I've calculated Fibonaci numbers of 38.2, 50 and 61.8%. These turn out dates of, respectively, May 2020, September 2021, and March 2022.
For a variety of reasons, I'm leaning towards March 2022 (1.618%).
How big of a correction? I'm looking at Fibonaci re-tracement levels of 38.2, 50, and 61.8%. I'm leaning towards 38.2%.
Loosely using Elliot Wave principles, I'm looking at the March 2009 low to the March 2022 high as a Wave 3. So, a normal re-tracement would be 38.2, 50, or 61.8%.
