I contend that the move from 2009 to the recent highs is a long termed Wave 1. We are currently in a Wave 2 correction. Wave twos, in Elliott Wave Theory are often Zig Zag formation. Thus it's more than possible that the market can retest the highs for the B wave in the correction phase, followed by Wave C that slams markets back to the lows.
If this plays out, Wave 3 should be a doozy lasting for decades.
Or, if the Fed runs out of money, all bets are off. HaHa.
I tend to agree with Mike that your 'W' middle is quite high, to be honest, I think we are in the reversal zone. We are at 15% of all time high, economic condition do not support such performance.
mikeaugust2010
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Lol .. I think this chart is insane .. no jobs ... no rent payments .. and stock higher ? This is euphoria phase .. big boys soon gonna bail out on $1200 checks
Glewis54
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@mikeaugust2010, I know, exactly like 2009 to 2020. Insane. It's all Fed and computers. Markets are not reality