I am not saying we are in for a major correction right now, but the similarities to the dot com bubble are strikingly similar. Note that I just used the wave tool for the counting and they may not be the exact Elliott waves. There is still room to rally to match the dot com bubbles 1.3 fib ext. Given the irrational exuberance in this market we could hit 1.5 or 1.618. One thing I do know, is that when it does finally hit the top it is a long way down.
Komentarz
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Updated version to match the dot com rise in percentages.
@Dr_Roboto, S&P 500 will go to 4000 at the most. Then it is long way down to 1600.
Wotamite
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@kishnara what are your time guess-timates for top and decline? also, decline over how long of a period?
z3m25
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@Wotamite, If we knew that we'd all be swimming in Green. Trade what the market gives you with an understanding of where you think it will "likely" be in the future.
kishnara
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@Wotamite, Between March and April 2021, is the major peak, you'll see at least for another 2 years.
Wotamite
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@z3m25 pretty obvious...just wanted to hear his/her particular opinion. Do you have one yourself?
@Dr_Roboto - Great analysis. Looking at the second chart above, have you tried plotting the 1988 - 2000 chart with Oct 1974 as the start of wave 1 as opposed to 1988. 1974-2000 run seems more comparable to the 2009-2021/2022 run you are showing on the right.