Above is a chart of the Dow Industrials with my Elliott Wave count from the March 23 low. I think we are still in Primary Wave I of this bull market. Within the first Primary wave, I consider Intermediate Wave I to be the rally from March 23 – April 29. That rally clearly subdivided into five waves of Minor degree (labelled in magenta).
From the April 29 top, there was a clear zigzag drop to a low on May 14, which was the Intermediate Wave II drop.
From May 14, Intermediate Wave III began. This appears to be an extended third wave. Extended third waves are typically at least 1.618 times Wave I. In our case, that would produce an upside target of 33,388 on a point basis, and 36,051 on a percentage basis, likely occurring during the next 6-9 months.
We are entering, even now, what should be a very bullish phase, given that, coming off the Sep 24 low, the Dow entered the third wave of the third wave of the extended third wave.
Stock Market Discussion Blog 