This market is still trying to break to new record highs, as this SP500 chart is just a few points away from establishing a new record high. All this has taken to long already so I have to explore the idea that an expanded pattern is forming in Intermediate degree. Once the main markets start to show a more ovious crash, then I expect gold to do much of the same. Gold finished a 30 year mania peak in 2011 that will not get repeated until 2041 when SC wave three should arrive. The advantage of working in Cycle degree is that SC,GSC and Submillennium degree wave 3 are all ahead of us, as all others think we are in a GSC degree already. Flipping wave counts around like they are hamburgers on a grill, is not what the EWP is all about. I don’t move any of my big wave positions around anymore, as from my perspective it’s more like a surgical procedure transplanting a heart! Each move has output ramifications, attached to them, so we should be far more senstive when we flip Elliott Wave numbers around.
I don’t like the expression “wave counting” as from my perspective they are all “positions” of captured human emotions. Being out by just “ONE” degree, will put us out by a mile or 61% or more. An example would be 377 years, with one higher degree this would turn into 610 years long. One degree would throw us off a minimum of 144 years. My target for Submillennium degree wave 3 peak would be the year 2101! That’s just for gold as the stock markets can be offset by many years.
WD Gann used the 60 year cycle a lot, but this 60 years, is just two 30 year cycles connected together. 3-30 year cycles is only 1 year off from the Fibonacci number 89, and I treat them as being the same.
The Death Cross, or the 200-day MA is at SP500 2300, but it will take more than that for the markets to complete any impending Death Cross. The world is siting on the most inflated markets in world history, and when they correct it will not be pretty.
At this time I’m just taking a best guess approach to the depth of an “A” wave in Primary degree, as it is still to early to make any better call.