I wanted to amend my previous post with regard to wave position for the current cycle. I am holding fast in my assessment that the DJIA is currently within its (c) wave of primary and [5] of intermediate degree. However, I wanted to note that the minor cycle, which is one step under intermediate, is currently moving out of its fourth wave, the bottom of which occurred last Thursday, 5-5-11.
In order to complete intermediate wave 5 and thus primary wave (c), the downward trending minor wave 4 will produce a bullish minor wave 5 to complete the motive element of the current minor wave structure.
My prediction for a top of the 5th intermediate wave and the top of wave (c) is still around 13k, specifically 13,074.66. This is still consistent with .618% ratio to the beginning of wave 1 to wave 3 of minor scale, as well as intermediate scale Though I am now more inclined to think that the fifth intermediate wave will be stronger than I expected and be more likely to move slightly above 13k than under it.
-W
NOTE: AS ALWAYS THESE PREDICTIONS ARE PURELY AN OPINION OF MARKET BEHAVIOR MADE BY AN BEGINNING AMATEUR STUDENT. DO NOT THINK THAT THEY ARE CREDIBLE PREDICTIONS.
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