Primary count:
For wave 5 to “look” correct, higher prices are needed. But not that much higher. See all the charts below.
From a pure price point perspective, wave 3 was .618 X wave 1, and IF wave 5 is .618 X wave 3 then it projects too about 8,000. Which would make it look great and have a nice Fibonacci relationship.
However, the squiggle count supports lower price points – 7906 for starters or lower – although SPX 8000 is not out of the question. That is assuming this is the correct squiggle count or close to it. As I like to sometimes say, there ARE enough waves in place, and of a decent structure to consider the pattern complete. Not that it is, but that everything from here is bonus pattern to reinforce the overall “look”.
I drew that channel when prices hit [iii] earlier today and drew the opposite. And prices came to rest on my lower channel at the end of day. Was kind of neat to watch in real time. So, it’ll be neat-o if this is the correct squiggle count.
Junk finally acting more like junk.
It seems to me that the market cannot truly crash until Anthropic goes public. Which may not be for another month or so. We’ll see.