After I posted my chart yesterday and viewed it today, I realized that I was not giving due weight to the breadth of bull market corrective waves. Because such corrections tend to last 1.618% times the length of bear markets and because of the extension in wave iii (black), I think it is instead likely that iv (black has not finished forming yet. THIS CONTRADICTS MY CHART FROM YESTERDAY. What this means is that a motive wave upward is still on the way and that the DWCF (Dow Jones U.S. Total Stock Market Index), AND the DJIA will push up to right around $14390.20 and $12,973, respectively. Once the market reaches this point it will have completed wave 2 (black) and wave 3 (black, not shown) will begin.
We are currently in the beginning stages of the bear market I have been keeping my eyes open for these past many months. So far the wave count supports my assertion that this is the case.
Because this entire experiment is based on the theory that transparency and openness is the key to progress, I am leaving the faulty chart from yesterday online. If not as an example to learn from, then a show of good faith. I look forward to doing another Socionomic assessment, perhaps this weekend.
And now for the charts.
Best,
-W
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