In my reading....
They are all stating that the retracement has hit the 'minimum' fibonnaci level. That's pretty clear. The maximum level is still out there. Are we on it or not?
If they are right on the wave count, then the seventeen month Primary Wave 1 down ended Mar 9... Primary Wave 2 up should last a minimum of 3 months (satisfied) and reach a minimum of fibonnaci 38.2% (satisfied). This just means that 'any ole turn thereafter could be the BIG "Primary" turn which brings about Primary Wave 3 down (which, by shear definition, should go lower than the March 9 low ). There are many waves within a Primary degree & some of the turns within those 'mini' waves are just that--> turns within a mini wave. So... are we on it or not? I don't think so.
What to worry about is the doggone turn in the Primary Wave 2. (Cuz... Wave 3 down should be the worst of the worst.. or, if we take advantage of inverse ETF's, we can make it the best of the best.)
What gets in the way of these century old proven waves is intervention... it elongates the natural rip & run of a bear market... and extends the play over longer time periods. The result is the same... it just postpones the inevitable. Like I said, I don't think we're on it... intervention is in play... postponement will probably have a great deal of influence on the natural wave count.
Actually, any level can make a turn, but the fibonacci levels & elliot levels are:
37.5% Retracemt: Dow 9368
38.2% Retracemt: Dow 9422
40.0% Retracemt: Dow 9561
Another level to watch: Dow 9654-9794
50.0% Retracemt: Dow 10334
60.0% Retracemt: Dow 11107
61.8% Retracemt: Dow 11246
62.5% Retracemt: Dow 11300
66.7% Retracemt: Dow 11622
Since this might be toooooo long of a post, (and boring some of the pro's here) I'll continue on the next post with my thinking ...
