S and P will make new all time highs by March 2023, what remains to be seen is whether this incoming pullback will initiate Z of triple combo or if it will be smaller degree wave 4 of 5 - which would likely mean breakout after pullback here to ~4090 (thus completing larger corrective wave IV with a double combo at Junes low).
Presuming that’s the correct and pertinent EW count, wave 2 retraced more than 61.8% of wave 1, which is normally a terminal impulse with wave 4 to retrace some part of wave 2. Thus downside should be at least ~3919 – 3949. And consequently wave 5 unlikely to be significantly higher than wave 3. Your ~4500 target seems plausible in that case. Do you have any model or ideas about what follows if wave 5 completes by September?
shelby3
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June bottom likely to hold until 2023 or 2024. A massively bullish inverted H&S could form with the posited wave 4 correction underway. Martin Armstrong has a Panic Cycle next week on his DJIA Forecast Array. So perhaps the bottom for wave 4 is next week or the subsequent week. The September DJIA forecast also posits a Panic Cycle which I am positing will be to the upside. The September 13 CPI report is likely to be much lower. Also the Ethereum proof-of-stake merge is September 15, so maybe buy the rumor, sell the news because everyone who holds ETH through the merge may receive a free airdrop of any proof-of-work fork.