Looking at the YTD chart, it's clear that we are only just starting our dive into a bear market. Assuming Wave A retraces to $2,869.2, Wave B will take us to a peak of approximately $4,400. Some folks will look at the upward momentum and see this as a new bull market forming. It's not. Don't fall for that trap.
Once we reach the Wave B peak, there will be a long downward retrace until we bottom out around $1,087 (just so we're clear, that is not some arbitrary number I just pulled out of a hat). Wave C bottom was calculated by multiplying the height of Wave A by Fib's Golden Ratio (1.61803399). Per EW Theory, Wave C can extend BEYOND 1.61803399 x Wave A, which means that we could fall into the sub-$1,000 region.
With that said, this is NOT the end. This is just how things go. We spiked from $700 to $4970 in one year. So, we were inevitably overdue for a bear market of similar magnitude. That said, 2018 will be a great year. Good luck.
such a waste of electricity.