Thanks to http://danericselliottwaves.blogspot.com/ for getting my attention to this perfectly parallel downward channel. The failure of the prices to reach the top of the channel is certainly an indication of a future break of the lower line. This is a 2000 point channel, if the lower line is broken the level minus 2000 is a new low target.
For the immediate future I am trying to project some consolidation area near the down line of the channel.
My first choice is a big flat with B wave stopping at the B1 10655 level fulfilling the great December-January almost etched rally.
My second projection is that BIG 2 ended definitively at 12231 on October 28, BIG 1 developed in 51 trading days and BIG 2 ending on October 28 had 19 trading days, 19/51 = 0.373, the nearest exact days relationship to 0.382.
With the channel measuring technique we'll put the end of 3 of 1 of BIG3 at 11000, then a 4 will stop around 11230 and 5 will be 573 points long same as 1 ending around 10655. With this scenario then we will have 2 of 1 of 3 running on December giving us some year end mini rally.
Anyway these are just possible scenarios, lets wait for the real development.
