Bulls Eye New Highs as Key Support Levels Define the Path

Thus, the red W-iv can be considered complete, and red Wave-v to new All-time highs could be underway, contingent on holding above the July 7 low.

Zooming in, and knowing that corrections can always become more complex, i.e., after three waves lower expect at least three waves back up, we can allow for only a counter-trend rally (B-wave) to ~$13,590-14,390 comprising of three waves (gray W-a, -b, and -c), with W-a at the July 9 high of $13,249, W-b at yesterday’s low ($12,289) and W-c now underway to ~$13,590-14,390 depending on a c=a or c=1.618x a extension. See Figure 2 below.