horsebfree - It is possible. If you look at my last 4 year chart below you can see where I think we are. IMO we are in wave 5 (the little blue one) at the top. It can extend that far. There are a lot of respected analyst who think March, April will be the time we see that markets big drop. There are even a few that agree the drop will end up over the next 3,4,5? years at a new low for the 2000- correction. I think the important thing here is to understand that this huge down leg can begin Thursday OR we can continue up for a short time. From the 1768 low of 4 all it takes is five waves up to complete 5 and we have a possible top. It can be here or higher. Another thing to look at is that if 5=1 of this impulse from 1627 the end of 5 will be 1870. That is less than 40 points away. It is common for a 5 to be near equal to 1. Another thing to consider when looking at posibilities and probabilities you must consider the top trend line going back to 1219.80. We have now barely cracked it. Another thing to consider is the channel of this impulse (see chart) that began at 1266. This channel points to 1870-1900. So there are several possibilities (some I have not covered here)and the markets will have to make the final determination. So stay alert, expect whipsaws because we are nearing a major top where they are common. When you reach a major top you are dealing with fourth and fifth waves which can be very choppy. Note how many times since MAY 2012 we have been caught in trading ranges. More recently look at the sideways movement since mid November at 1802.33. We are now at 1833.32. Just 31 points from where we were a month and half ago.
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