Wave 4 correction

Should be just enough to get everyone bearish, and then we are going to new highs into March/April.

IMHO.

Looks like a clear count 1, 2, powerful 3 up, next 4 down then 5 completion into march.

http://www.tradersed...wave_theory.htm

Wave 4: Wave four is typically clearly corrective. Prices may meander sideways for an extended period, and wave four typically retraces less than 38.2% of wave three. Volume is well below than that of wave three. This is a good place to buy a pull back if you understand the potential ahead for wave 5. Still, the most distinguishing feature of fourth waves is that they often prove very difficult to count.

"4th waves ''come out of the blue'' just when no one expects them and just when everyone thinks that the market can go nowhere but up. This is usually caused by a news related item that was prevalent during the previous bear market. The psychology of the 4th wave is that those who didn't sell back at wave 2 will now be seemingly justified in sticking with those same convictions. This mentality, as well as the momentum in which wave 3 brought, basically sets a floor for this correction, and why this structure tends to be shallow in its overall pull back. Technically, fourth waves tend to take out the internal lows made during wave 2 thereby confirming that wave 3 has indeed ended and will not turn into an extension. Once there is a basic resolution to whatever the problem was that led to the halt of the previous advance, this is where wave 5 begins." Fib