With wave 1 black looking complete, I am anticipating the completion of a wave 2 black near a large cluster of support just below at 1640ish to 1688ish. After which wave 3 black should erupt into September toward a potential target area of 2150 to 2225. Any moves below 1639, would likely put the larger trend in jeopardy and any move below 1478 would kill my bullish counts in favor of very bearish ones.
With wave 1 black having climbed to 1814 for a total of 336pts, the Long Term (LT) count needs a revision to the upside:
Wave 3 black now has a potential target range of 2150 to 2225. A lower target of 1980 could be calculated, but if this is the big blow-off top that I suspect it is, 1980 is much too conservative.
There are many counts and many technical reasons for many projections by many prognosticators. I certainly do not corner the market on analysis. However, based on my interpretations of Elliot Wave and cycles, this current run appears to be a final blow-off top. If my interpretation is correct, this means that what ever price territory is conquered to the upside is likely to be quickly unwound after the top is in place. Price may fall back to 1478 to 1600 very quickly, then see a dead-cat-bounce, then another fall, possibly sub-1300.
JMVHO, DYODD
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