NYA, big picture
I think the NYSE Composite Index is very helpful in terms of showing where I think the major equity markets are, in terms of a five-wave cycle.
I have wave ((1)) ending in October 2007, wave ((2)) ending in March 2009 (Great Financial Crisis), wave ((3)) ending in January 2022 and wave ((4)) ending in October 2022.
I expected wave ((4)) to go deeper and get closer to the wave (4) of the lesser degree (COVID-19 bottom), but it did finish between the .236-.382 fib retracement drawn from wave ((3)) to wave ((2)), which is rather classic for a wave four.
The COVID-19 correction went below 10387.1680 (top of wave ((1)) ), so the COVID-19 of March 2020 can't be the wave ((4)) of higher degree.
I think the most likely count has us in wave 5 of (3) of ((5)), and that SPX, DJI, NDX, and RUT are all in the same place, setting up for a major top within the next 12-24 months.
I have wave ((1)) ending in October 2007, wave ((2)) ending in March 2009 (Great Financial Crisis), wave ((3)) ending in January 2022 and wave ((4)) ending in October 2022.
I expected wave ((4)) to go deeper and get closer to the wave (4) of the lesser degree (COVID-19 bottom), but it did finish between the .236-.382 fib retracement drawn from wave ((3)) to wave ((2)), which is rather classic for a wave four.
The COVID-19 correction went below 10387.1680 (top of wave ((1)) ), so the COVID-19 of March 2020 can't be the wave ((4)) of higher degree.
I think the most likely count has us in wave 5 of (3) of ((5)), and that SPX, DJI, NDX, and RUT are all in the same place, setting up for a major top within the next 12-24 months.
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