More downside for BK?My overall thesis is we are in the very early stages of a multi-year decline ultimately with the S&P 500 below 3500. I am estimating this symbol to be in wave position SuperCycle 2, Cycle A, Primary 1, Intermediate 5 and around the end of Minor wave 3.
The overall target bottom for Intermediate wave 5 and simultaneously Primary wave 1 is below Intermediate wave 3's low of 79.2315 from 12 March 2025. A movement extension to target is 78.00738 (114.59%) or 77.3584 (123.607%) and is depicted by the far right levels and percentages. Intermediate wave 3 was 31 trading hours long. The application of Fibonacci percentages to 31 trading hours is displayed by the vertical lines. The green vertical line represents the start of wave 5. The solid yellow line is 31 bars (100% of wave 3's trading hours). 161% and 261% are the light blue dotted lines thereafter. The current target bottom is around midday on 10 April.
If we are currently in Minor wave 3 of Intermediate wave 5, the target bottoms are 80.2234 (114.59%) or 79.5333 (138.197%) and depicted by the middle levels and percentages. The hourly chart is currently in the middle of signaling wave 3 which likely means we are looking to finish Minor wave 3 with today's close or within the first hour of trading tomorrow. As of the open tomorrow Minor wave 3 would only be 13 hours long which is shorter than wave 1. This likely means Minor wave 5 will be 13 hours or less whenever it begins.
I will begin more specific calculations on Primary wave 2's top once we finished Primary wave 1 likely next week. The very preliminary estimate if Primary wave 1 ends around 11:30 on 10 April would have seen Primary wave 1 last 198 trading hours and drop nearly 13.00 points. Primary wave 2 could top around 85.38 around 7 May.
