We had some ugly market action for the past several weeks, and it feels like there has been some severe correction or even a bear market around. However, in reality we had just an intermediate correction so far, with the decline in SPX just under 9% from the top to the through so far.
I have 3 charts showing where we may go this Summer.
In general it appears that we just made a bottom of the wave 4 of the wave C. Wave 5 of the C is just starting and may take us to the 1450 range in September. That's my preferred count.
There is a third scenario, that is somewhat more likely, but still would not outrank the number one.
Sunday, June 5, 2011
It will be a very short update this weekend, with only one chart shown. Trying to make sense and a pattern of what's has been going in the market for the past month just led me to one conclusion- I have seen it before.