We are near the end of a bear market rally from 3636. The decline to 3636 was a wave W with sub waves of 3-3-3. The move up from 3636 has been a wave X with sub waves of 3-3-5 labeled [ABC]. It is a bear market rally. The following decline will be wave Y with sub waves of 3-3-3 and a target in the 2200 area.
This secular bear market will be followed by a huge advance in SuperCycle (III) of GrandSuperCycle [V].