Today you will see on the attached chart that we have a clear 5 wave movement developing for this final 5th wave down. Ideally we would like to see the final 5th of the 5th complete between 4600-4800 and then a major rally to follow. I have noted we are now oversold in this market and if we were in a bull market this would be an ideal place to buy. However this is not the case and technically we are back in a bear market and price action can stay in an oversold territory for some time. A large rally will develop after this pattern completes and prices as high as 5700 are possible.
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