a potential five-wave move, i.e., an impulse, lower to ideally around $4800 for red W-a/i before we see a more significant bounce develop—contingent on the index holding below the colored warning levels for the BearsNamely, an impulse lower from the March high would have either targeted $4600 before the next larger rally could ensue or signal the end of the Bull that started in 1932. But instead, we only got three green waves a-b-c lower into the April 19 low of $4943. See Figure 1 below.
Since the index is not even below the blue dotted line, we have no indication that the top has been struck. However, we can count nine smaller waves from the green W-b low, which complete an impulse as they travel in 5, 9, or 13 waves. But without breaking below these warning levels, nine can always become 13. So, we must wait for price to confirm and then trade accordingly. There is no front running.
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