Zeev, Shack's put forward a count that has us basically in a flat correction since the initial COMP 2112 high last month.
After looking at things tonight, that count makes the most sense, especially since this drop from 2164 mirrored the drop from 2112 to 2052 COMP.
That would give us a fresh move up here probably going into the middle of next week or maybe the following week, but it would be the end of this leg up from the October lows.
That would be followed by a longer flat correction much like the one from mid-Sept. to Mid-October, and maybe a bit longer lasting. We could even drop the last few days in December, rise into the first 7-8 days of January, then drop into the end of January. That's actually my preference.
From there we move up into the termination of the move out of August, most likely in mid-March. NDX 1880 could be a target, as could SPX 1256 or 1305. Trash and high beta stuff would rule that leg.
A good proxy for what we might see could be the period from late 1999 through the highs in March 2000. I don't anticipate that kind of upside movement in percentage, but the structure may end up playing out much the same way.
As such, I'm adjusting my plans and am long through next week and will wait for signs of a correction off a higher high.
I actually was lucky enough to get long about 3-COMP points off the low this morning after abandoning my plan to buy at COMP 2094.
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