One of the charts shown I looked at recently started 1700 to present. It caught my eye. I started to draw on the chart and analyzed the chart. I see the first wave started 1780-1840 and 2nd wave 1840-1860. The 3rd wave started 1860 to the current top-- May 2010 could be the top of the 3rd wave. The Dow is created a neck line when looking at the movement from 1996 to present. The Dow has created a left shoulder and a head (peaked 15 Oct.2007) and the uptrend movement since March 2009 to May 2010 was the left side of the right shoulder.
Here is my prediction. The Dow will come down to the 1996 neck line in 2010/ 2011 the 6,200 area and in 2015/2016 the 5,600 area (finally bottomed). If my prediction is correct, the Dow would then- move into an uptrend movement to complete the 5th movement of the Elliot Wave in the year of 2050! It would be between 24,000- 28,000; it would double the current price. Am I too optimistic or the others are too pessimistic? After 2050? I don’t care mach 40 years from now. May be Chinese Yuan becomes the major currency.
Disclosure: No position