April last year we showed 3 possible scenarios. We still do not know if any of them will prove to be correct but the most bullish one is winning, which has been par for the course the last few years (see previous blog). It is a bit of a stretch but it does work best. We assume there was a 10+ year triangle 4th wave and the actual “thrust” started just 3 years ago, most of which is shown in the smaller chart. We have almost done enough, slightly more than the triangles measurement but short only a few dollars towards the upper trend line of both the whole thing and the thrust. This should be a sell. It would be reasonable to assume that the entire thrust will be retraced!