The DJIA is now well within 2018 spring lows which can work as resistance for a bear market rally. Any retracement back below the 21,700 price level will confirm that this rally was just another start to a fake bull market or bear market rally. I will leave the top as is for now, until this 5 wave sequence gets confirmed. In the long run, a wave “A” in Primary degree is in our future where we can get a decent chance at a longer sustained bear market rally. From a Cycle degree perspective, this so-called”correction” is far from finished, if the markets have a Cycle degree wave 3 top.
If we start from the 2009 bottom the following bull market was about as choppy as they come, which is very typical in 5th waves. 5th waves are fundamentally much weaker than 3rd waves are, but the majority of wave analysts think 5th waves can extend 80 years or more. Nobody has a real clue what degree we are in but if analysts keep chasing 5 waves down in Primary degree we know that the majority think they are in GSC degree already! That logic does not wash with me, because not a single wave analysts have ever confirmed any Primary degree 5 wave sequence since the peaks in 2000.
Albert Einstein: The definition of insanity is doing the same thing over and over and expecting different results.
This is the best way to describe what has been happening with the majority of wave analysts for the last 18 years.