Roughly speaking the above picture represents our preferred interpretation. It is an initial 5-wave leg down of about 3200 points. We are presently well into the first rebound which , at 62% would carry this wave 2 to 25300 or so. That is also where a 4th wave of previous degree resides. Obviously this wave 2 could go even higher. It should take the form of an a-b-c but if a wave b it could also resemble a triangle.
Then a second bear leg down should start, a wave C or 3. If equal to the first (in the case where it is a C) that would take us to about roughly 22000. However if it is a wave 3 – the more likely scenario at this juncture - a 1.62X ratio is sort of a minimum, 5120 points – it would target close to 20000. more or less where the supposed Trump rally started. After that there would still be 4 and 5 to go for a first wave!
The reason why I am inclined to think that this might be THE top is that all the talk is about Bitcoin and weeds. Bitcoin I do not understand and in any event it has already lost 70% or so. Weeds you could buy in Amsterdam, my alma mater, already 50 years ago if you cared to do so – I didn’t by the way- so I am not sure what the fuss is all about except that the administration in the US may want to keep their beautiful prisons filled. They already have the highest rate of incarceration, two or three times the norm for a civilized democracy – in the world, 70+% of which is drug related, talk about MAGA.
Time will tell.