As expected, the Int Wave iv correction ended last June 2013 at around 1500-1570 and a quick rally to 52 week high will be in place.
Now that we are currently in or near the 52 week high, we need to reevaluate again since we already hit our preliminary target range.
The current count using EW is that we could just be in the minor 3 rally.
Below are the possible forecasts and scenarios:
1. Minor 3 will stop at current level, then Minor 4 small correction then finish Minor 5 at 52 week high(no new all time high - 50%)
2. Minor 3 will overextend to new all time high, Minor 4 will correct small portion and Minor 5 will finish 2-5% higher than the current all time high(40%)
3. Worst is to worst, this recent visit to 52 week high is the Int Wave V. and Correction for Major Wave 4 will take in place (10%)
As to PSE, if DOW/SPX break out and make new all time high,PSE will then also breakout of 6600 level with target of 6800-6900.
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