The extended wave five count since 2020 seems to be finishing up this summer. I do expect Space X, Anthropic and OpenAI to go public before the market totally crashes.
There is a certain mathematical elegance to the chart below.
The following chart explains why and how to label an extended wave five. The market made a perfectly fitting peak in 2021 and did decline to (2). However, the market extended indicating an extended wave (5). This pattern didn’t fully realize itself until the recent blast up that took us to 3 of (5) of [5].
It would be prefect if the market made yet another new all-time high this summer or even Fall.
Wave 4 cannot enter into wave 1 price territory or else the count is invalid.
The recent push to all-time highs did not occur with a breadth thrust event per se. 19 days is not really an event. In the past corrections, we have had significant events. So, this aligns with a possible top soon.
