PalantirOn Friday, price hit the 1.236 extension and the larger red 1.786 extension @ $159. Tonight, I wanted to zoom out to show you where price is in the grand scheme of things. As you can see, we have all of the needed waves in place to consider this larger pattern complete. We have finally hit the standard target box for primary wave ((1)), and almost finished on what I am calling a smaller degree ED. This means that the reversal is soon at hand and that the initial move lower will be swift.
This primary wave ((1)) has lasted over 2.5 years. However, there is no way to predict exactly how long primary wave ((2)) will last. It could be short, or it could be long. Primary waves typically last months to even years to complete. Given the length of wave ((1)), I think it is safe to say wave ((2)) is likely to last over 1 year at the minimum. When our consolidation does kick off, we should be targeting the $50-$80 range for completion. Again, that won't happen fast. I will very likely take at least a year to complete.
For now, though, in the short term this pattern is putting the finishing touches on. Seeing this zoomed out picture again hopefully puts into perspective exactly how close we are to completion.
P.S: Looking at MACD, you can see I have labeled the larger waves. You can also see how much hidden bearish div we have at this time.
