Jul 2, 2014
The short term structure has changed... but the bigger picture stays the same. My intermediate term forecast has not changed - when this wave is finished pullback to 1925-1910 and another all time high. What I think we know after yesterday: - the 20 week cycle low is probably behind us and the current one will carry the prices higher for a while... - from EW point of view the structure needs more time to finish all the moves... probably another week - short term I think there will be one more dip to buy and another higher high to around 1985. The move can be counted different ways. Given the price action today I think the yellow scenario has much higher probability. The white one if we see something deeper to the downside.