Much like the fib relationship discussed this weekend (third chart in this post), we have one that will work here as well. There are a number of ways we may count the structure, and knowing which one it will become beforehand is difficult, but, the fib relationship here is excellent, and the structure counts well as an A-B-C with a triangle for primary (pink) B (“E-waves” often fall short). If we are completing a correction of cycle (yellow) degree, it will be the first such correction of that degree since the COVID low.
I continue to believe that the consensus view of a trip to circa 4000 (or below) will turn out to be misguided. I have rarely seen such unanimity among analysts and it gives me high confidence that it will be the wrong call.
If this structure is complete, we should see an extremely powerful rally begin at any moment.
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