Although the intermediate 4 wave here did retrace some ground back to around the 38.2% retracement point of the entirety of the wave thus far, it did it in a choppy 3-triangle form. Based on the wave equality principle, I am still looking for the fifth wave to head south for about the same distance as the first wave did back in May, bringing the DJIA to about $10,500. I believe the third wave of early August was an extension as well, which makes this possibility all the more likely.
Essentially, I think that this wave pattern still has yet to complete its motive movement before an intermediate correction will kick in. Also, given the fact that this current sideways movement has a ever so slight downwards zig-zag demeanor, representing strong underlying streangth, my low prediction at $10,500, could possibly even go as low as $10,300, though my official guess is for $10,500. Also based on the weak corrective movement in the intermediate wave, I think the intermediate correctiont will probably go to 38.2% of the entirety of cycle wave 1, bringing us back to the level we have seen in the past few weeks around $11,400
All the best,
-W
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