I am expecting this b wave (blue) to terminate in and around $12,319, as it still has to complete waves iv and v of its 5-wave sequence. (labeled in chart). This b (blue) is comprised of a 3-5-5 wave structure which began on 6/7/12. After wave b (blue) completes, there should be a strong upward movement as wave c (blue) will advance upward to form wave 2 (black) at its completion which should be in and around $12,850. However, because of the strong downward pressure associated with the upcoming bear market three wave, it is possible that the completion of wave c (blue) may be somewhat truncated as the weight of mass pessimism will be quite strong going into the next 5-wave bear sequence, which will be the 3rd wave, within a larger 3rd wave. In other words I am predicting that the completion of wave c (blue), which will likely be comprised of a 3-3-5 pattern, will mark the start of a significant selling frenzy in the markets. In terms of time, I would expect the completion of wave c (blue) / 2 (black) to occur on or around 7/12/12, though a more precise time may be given once wave c (blue) has developed enough to graph its channel.
- W
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