The Real Test Will Be: Can $ES Break 4450?

Now, I have the rally off the October lows labelled as a 5-wave advance of intermediate (orange) degree leading to the 5th and final primary (pink) wave. Primary (pink) 1 lasted from the COVID lows to August 2020, and primary (pink) 3 lasted from October 2020 until September of this year. That makes primary (pink) 5 a bit short in time. But, like I’ve said, it’s not going to announce itself. I think it will be something that takes a lot of people by surprise and this is a good place for it to do that as many people are very bullish here.

That said, if we do fall to the area of the orange box in only 3-waves, we must be mindful that this may then only be intermediate (orange) 1-2. So, we want to see a retracement that goes significantly lower than the orange box in 5-waves. That will help us to confirm that the market top is in.


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