Originally Posted by Vanity
What are your thoughts of the first leg having ended, or near ended, and the markets making another large leg down before a large counter-rally follows suit (2nd leg up), then the big fireworks? The reset this week and prop-up has delayed the crash imo.
The pull back today confirmed my 2 leg theory and I believe that the first up leg is now over. we may see further pull backs tomorrow but I personally believe there will be another leg up. Realize that I personally think there will be two legs up but there is definitely a possibility of a third leg up just as well. I just think that it's going to be a short term rebound and eventually we will continue back downwards. In terms of the bigger picture, I still think we will break the 06/04 lows, which in my book implies that the intermediate-term is still short.