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Don -
In a classical sense, I would consider this a marginal bear market as I
do expect that in the end we will lose something like 25-27% of the
value of the Dow.
As for five wave moves, that really is not the point. An a-b-c off the
highs as wave-4, as a zig-zag, would both be five wave structures. My
only reason for not believing this is a bottom already is that the drop
was too fast and too shallow after having been so ridiculously over
extended on the up side.
I expect one new high in the next few years, giving us five waves from
the 1987 lows, and then would look for the mother of all bear markets.
Note that Bob Prechter does believe we have already completed the waves
to complete this move and that we are now on our way down below 1000.
Donald Thompson wrote:
>
> Steven,
>
> Given my knowledge set of EW, you are implying that this commotion is
> corrective behavior and this is really complex 4th wave machinations in
> a very large scale context?
>
> If five wave patterns were being identified would you then classify the
> market as in
> the bear market of the century???
>
> Don Thompson
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