Oh, we are getting so close to a potential reversal but as I post this chart was at the 16,200 price level. Well past my top trend line, (throw-over) but not near enough to all excited If you like all those throw-over and throw-under pretty charts then I will be glad to produce some for you for $100!
EWI charges the same thing per month
on their premium services, so $100 is cheap!
Only time will tell, but if I am wrong, then this market will still soar, breaking well out of the top trend line, and it will not be called some fancy throw-over. Creating these over and under trend lines is a personal opinion, as they are constantly moving the goal posts to force a wave count.
The amount of wave count forcing in SC and GSC degree is staggering, yet none of it has been confirmed.
I'm going to work this as a diagonal 5 wave decline, in Minor degree, and when I am wrong the markets will clearly soar in some unexpected direction.
Oil could take a hit as it has been running into a double top like pattern, which should bring out all the bearish stories again. The worst case scenario would be that at present we are at another "B" wave top and "C" waves crash is imminent.