I have posted a few charts using weekly and monthly charts. This is a daily chart as the back end is not affected. I like my bearish wave count better, even though commercials have net long positions. The big crash turned into a decent 5 wave decline which created a pretty good pattern. Now we are in a 5th wave decline and 5th waves are guaranteed to dish up surprises.
Yes, I would need 5 waves down in Minor degree, but this decline is not going to be some easy impulse decline, but it has started out as another fricken diagonal. Compared to others this diagonal decline has been pretty clean so hopefully that will continue at least until we get to the last 5th wave decline in Minor degree. Even though my countdown has started, I still like to see the first levels of support get completely retraced. Since we should be heading down another wave three, we need another zigzag crash to take place.
Sooner or later that “B” wave bottom in Minor degree will get get completely retraced, so expect the mainstream media to focus on this support level when we get close.
My hunt for all things Cycle degree is making progress, as my list has about 16 Cycle degree wave 3s that I’m working. I’m sure that there will be a few more, but It’s impossible for me to get them all. Some analysts cover just a few indices, but I’m looking at over 16 main asset classes already and I can’t give intraday reports on most of them.
This year is going to be interesting to say the least as huge trends are about to change.