Guessing the shape and form of the 2018 to 2020 correction has not been easy. I have shifted from triangle, to expanding triangle (megaphone), to flat, to irregular flat, etc. There are at least 13 different shapes corrections can take and that is their purpose: to confuse people and knock them out of the market before the bull market can continue.
With that said, the recent sell off has put the megaphone interpretation of the correction back at the forefront. And if that is correct, then the current decline from all time highs has been in 3 waves to complete a final wave E. This means the bull market will resume immediately in that 5th and final wave and we should get all time highs once again. However, it does lower my target from 4100 to 3700+.
With that said, the recent sell off has put the megaphone interpretation of the correction back at the forefront. And if that is correct, then the current decline from all time highs has been in 3 waves to complete a final wave E. This means the bull market will resume immediately in that 5th and final wave and we should get all time highs once again. However, it does lower my target from 4100 to 3700+.