If Elliot Wave Theory is any indication, there is another 5,000 points to run for the Dow from where it is now, at around 35,000, before hitting a cycle high of 40,000 by about year end. The correction could bring it back to between 10,000 to 15,000.
This is based on the assumption that the Dow is completing the 5th and final move of a wedge-like Wave 5 following a huge expanding triangle which is Wave 4 on the long-term monthly chart, with Wave 1 of the current cycle starting in March 2009.
The amateurish forecast is made with the premise that there is no black swan event during the course of the market development.
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