This move off the May 31st lows is very powerful and I don't think it's still correction of our W wave but the start of the Y wave. The correction for the W wave, is the X that ended on May 31st. Given the length of this correction from last September, this is most likely a primary wave 4 we are in (or 4th wave correction since rally from 08' lows). We are in Y of B here and almost completed a. Upside target changed to ~3050, should get choppy up there though. We are going way too fast up for this to be a significant top.
The medium term picture has changed though and is no longer a regular flat but an expanded flat because we are making new ATHs, and we could drop to 2200 by the end of the year.
The alternative which is unlikely is that this is a wave 3 of some degree.
The medium term picture has changed though and is no longer a regular flat but an expanded flat because we are making new ATHs, and we could drop to 2200 by the end of the year.
The alternative which is unlikely is that this is a wave 3 of some degree.