All expectations are for the market to trace out 5 minute waves down into the intermediate wave (2) low sometime in the first quarter. Should the duration of Intermediate Wave (2) equal Intermediate wave (1), timing symmetry points to a low on February 15, 2021. Additionally, on a closing basis, wave c of (2) would be equal to 161.8% of wave a of (2) at 26,401.46. Previous price targets surrounded the 50% and 61.8% retracement range between 22,600- 22,800. While this is still feasible based on Elliott Wave guidelines, it is less likely due to the expanded flat structure of the correction. Nevertheless developments will be monitored closely. Minor wave c is apt to be sharp, in keeping with typical c waves of flat corrections.
When Intermediate wave (2) completes, Intermediate wave (3) should carry the stock market to new all-time highs. As previously stated, a final top for the bull market is not expected until 2022.
