See the tag for the series.

Monthly chart in W5, the last wave up of the bull market that began at the 2009 lows.

W1 up
W2 down
W3 up that subdivided
W4 down in a zig-zag
W5 up in process

After this is over, we should a monthly chart ABC correction, ie bear market.

If W5 = 61-100% of W1 (classic E-wave idea) then we have a price target of about 2250-2500. W5 failure target of 38% has already been exceeded, and we're even above 50% right now. I think a 161% blow-off move to 2940 is extremely unlikely.

If W5 = 61-100% of W1 *in time* then we arrive at 6/2017-4/2018 for the big top.

So the ideal is 2250-2500 from 6/2016 to 4/2018. This may or may not happen, but would be nice if it did.

Weekly chart commencing W3, the best, most steady up move. This 'should' have more to go as W3s usually exceed W1s in both price and time. If labeling correct, W3 just shy of 61% in price and not even 38% of W1 in time. Of course, with monthly chart in W5, then any other common chart topping pattern like head and shoulders, double top, etc, could be quite important. That hasn't happened at all yet though.

Daily chart has just started a new wave pattern after completing an ideal up pattern from the February low to the June high, then an ideal down pattern into the 6/27 low.

"Ideal" up means we see W1 up, W2 down, W3 that sub-divides, W4 down, W5 up. There are price relationships between W2 and W4, and near enough on W1 and W5. Then an ideal ABC down pattern has price relations with A, B, and C, with the perfect being B = 61% of A and C = 161% of A. This one was pretty close to that. Once an ideal up and ideal down pattern both complete, then a new pattern begins.

So that means the first thrust of 6/27 to 7/1 is W1, and now we are in W3. We are already at 161% in time but still shy of 100% in price.

Bottom line I want to be bullish here as I think W3 on daily should go higher, and W3 on the weekly also "should" have much more to run. That said, we are at YR1s SPX and INDU with sentiment extremes so have to consider the possibility of at least a trading high if not major high.