Attached is an updated and more specific chart [CHART-1]. As you will see below I believe that this is a correction with wave structures of (3 waves comprising a) , (3 for b) and (5 waves, of which we should see an extension of the third tomorrow, comprising c) The orange line represents the beginning of the next bear motive wave, which is the (3)rd wave in primary degree and the trend I expect the market to take after the completion of correctional wave c of minor degree.
As noted before the peak for this correction should be in and around $12,733 and occur in and around 1/17/12.
The specific trends are channeled on the actual time scale in [CHART 2] and the "key" point, the price level beneath which the stock would be considered to have changed its trend, as well as the "critical point", the level beneath which the new trend will accelerate, have been labeled as well.
[CHART 1]
[CHART 2]
Needless to say, based on this specificity, I am very excited to see what happens in the coming two weeks!
- W
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