Chinese proverb: The Fox Borrows the Tiger's Ferocity. I am saying those bullish E-wavers are "bullying" bears for too long. The Long term E-wave projection is susceptible with market underlying intrinsic conditions. Now, QE is behind us, ZIRP drives the index at a snail’s pace ( Q1 open 2058.90, close 2067.89), the market intrinsic is different from last few years. ... well, Let’s see whether their wishful thinking will transpire; Bear in mind, it is the Market deploy those waves, therefore, the master (Market) & slave relationship is clearly defined.
When Primary III complete the market should have its largest correction since 2011. Since this correction will be Primary IV it will not end the bull market, as Primary V will then take the market to new highs. Our current estimate is for Primary III to end in 2016 with the SPX between 2530 and 2630. Then Primary IV should unfold in the later part of 2016, before Primary V ends in the year 2017.
RELAX!
I keep only the top level count so that you can visualize why bullish E-wavers are puffing & frothing.
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