I moved my degree levels up by one degree and in reality it can change all wave counts going back to 1929. It works like a set of dominoes and if we do not review this or we are too lazy to do it all our wave counts can run of the tracks very quickly. I have already made the DJIA with a new wave count, but it has not been published, just yet.
We are at a critical point to where this market can roll over and die, but if the bigger trend is still up we know that any downside would be at a minimum. Any impulse would be heading up another wave three
leg. Only time will tell if we are heading south with stocks as gold and gold stocks may all join in. This entire stock bullish phase could just as easily be a "C" wave bull market, which always gets retraced by a move 100% or more. To give you the short version, "all gains will get wiped out". You can expect a complete retracement in any true "C" wave bull market.
This makes the EWP a very powerful forecasting tool, as the same happens when we get an "ABC" crash or a "C" wave bear market.