Well, for a long time I was w8ing fr a downside... so long that wen it finally cm, I was left wondering, n looking at it as if it was still going to go up... thus, I thot we did another x and then the threes cud possibly mean a triangle...but wen it crossed 5624 on the downside it was no longer a 3 it was clearly a 5...so it is clear that we are in WAVE C ... the much awaited downleg of the bear that unfolded in 2008.
Neely mentions that if the B wave is between 81-100% of wave A(which it is over here)then the downside in wave C shud b 100-138.2% of B.....which wud b going bac to 2539.45 where B started... or more.In any case taking roughly 38% of wave A n substracting from top....which is a min. correction that wud take place(be it a zig zag or flat... here we r in a flat tho... basically taking a very conservative approach) we wud still go to 4800.(4800 shud cm in the next few weeks or so bcoz v r in wave 3... which is normally a lil fast).
Neely also makes a mention of elongated flat where C does more than 138.2% of B as also a truncated C which is less than 100% of B... known as C failure.
Basically 100-138.2% retracement is the most common type of a flat.
Lets see what happens.
