The Stock Market as measured by the Dow Jones Industrial Average has rallied over 37% from the lows of Primary Wave 4 in March. Elliott Wave Analysis suggests the rally from the March 23 low at 18,591.93 should take the market to new all-time highs above the February 2020 high. The current rally should represent at a minimum, the first intermediate wave up of that Primary wave 5, and possibly only the first minor wave of Intermediate wave (1) of the final stages of a centuries long Grand Supercycle bull market. The above notwithstanding, on an intermediate term basis the stock market has completed 5 waves up and is thus due a 3 wave correction.
Potential timing for the low of the imminent corrective wave 2 may be demonstrated from the time symmetry of the cycle degree wave lows of 4/28/1942, and 12/6/1974. A total of 11,911 days elapsed between those two significant lows. The low of the upcoming correction will not be of similar degree as the cycle degree wave lows of 1942 and 1974, but more similar to that of 12/4/1987, a Primary degree wave low. The timing symmetry that is being illustrated does not precisely match wave degree lows, as the upcoming low is only of intermediate or even minor degree, but nevertheless this potential time symmetry is worth pointing out. Should the market recognize such timing, a low would be implied on 7/14/2020. 11,911 Days from 10/19/1987, the absolute closing low of the crash of 1987, is 5/29/2020, too soon to indicate a low. 11,911 days from 12/4/1987, the orthodox low of Primary Wave 4 of Cycle Wave III, is 7/14/2020. It is possible the market could recognize both sets of symmetry, where 5/29/2020 marks the high of wave 1, and 7/14/2020 marks the low of wave 2. The market will dictate the correct answer.
