I will not spend too much time on my postings but let the charts do more of the “Talking”. Yesterday the DJIA hit another bottom after which it rallied but also made a wild move that can only fit into a corrective move at this time. I may be on my last 3rd set of 1-2 waves so soon this process will start to show wave 3 labels. Wave 3 in Minor degree is the goal which could take into early 2019 to finish.
This rally should not go that high and if it does, I will have to adjust the wave positions as well. This bearish phase is far from over, but rallies can convince the talking heads that the decline is a done deal. It all depends on the big size of this market correction is going to be. We are in a Cycle degree bear market and what we have witnessed so far, is just a wake-up call for the non-believers.
Yes, in 2018 the markets achieved world record highs and this bear market will not be over until we have achieved world record “lows”. A big counter rally is coming but not just yet. It may take until late January or even February before this decline finishes.