Here is what the Elliott folks says about the market wave.
Since we are expecting a one trend Major wave 5, we have been labeling its advances in Intermediate waves. Intermediate wave i was a leading diagonal from SPX 1627-1662. Intermediate wave ii was a sharp decline, which often occurs after diagonals, to SPX 1641. Intermediate wave was a simple five wave advance to SPX 1730. Intermediate wave iv should be underway now, as the market has pulled back 21 points from its high. This is the same length as the entire Int. wave ii decline. After this decline concludes the market should rally to new highs to complete Int. wave v, Major wave 5, and Primary III.
ACCORDING TO THIS FOLKS: (Rays interpretation)
They are expecting a small correction here wave iv, then a final wave v to end the primary wave three. It look like a primary wave iv correction will be significant because that will be the last big market correction before the last final impulse wave of the bull market where the bull market cycle end and the bear market begins and it start all over again. I believe the QE bubble will equal the last housing bubble to trigger the next bear market.
My opinion only since I am not a market authority. So what is your opinion?