Intermediate
W4 was done at the 1890.25 low of Aug 7. Since then Minor Waves 1, 2
& 3 of Inter W5 look complete with the distinct possibility that
Inter W4 is also done at the 1987.50 low of Aug 28. If so Inter W5 is
in progress and will terminate at the important long term top of Major
W5 of Primary W III. A possible target is at 2013.00 where Minor W5 =
.50 x Minor W1. This target lines up well with an Intermediate W5
target of 2012.50 where Inter W5 = .786 x Inter W1.
An
alternate possibility is that Inter W5 will be an extended wave, in
which case the ES/SPX would still be in Minor W1 of Inter W5 with the
nearby projected top being the conclusion of Minor W1. This alternate
would portend a lot more distance yet to travel in terms of both price
and time for Inter W5.
