Recalculated path to market bottomHere is a recalculated path to possible market bottom IF the current market top is in.
Key Takeaways: Not as shallow or long as initial projections
For now the bottom could be around August-September 2024 and no longer at the end of 2024 or first quarter of 2025 as initially projected. The maximum bottom based on historical data is 2850 and not likely. At best the bottom could be around 2900. I will continue to readjust targets and timelines as each wave downward is completed.
There is a slight chance we are in wave 4 (downward) of the final wave 5 up, however, a wave 3 indicator is yet to occur and is beyond late on the hourly chart. It occurred properly on the daily chart when the final macro wave 3 (Intermediate wave 3) topped on June 16. A drop below 4328 should confirm the market has topped. A move above the current top of 4527 would mean the top is not in yet.
The market will likely move down this week whether just entering Minor wave 4 of Intermediate wave 5 of Primary wave C in Cycle wave B up or in Primary wave 1 of Cycle wave C down
The market should begin a major economic boom once the bottom is in next autumn. The bottom will end corrective wave--Supercycle wave 2, and begin Supercycle wave 3 which should be a major uptrend for 16-20 years minimum.
