Watch which trendlines it ends up respecting, that's the key...
The left edge of the diagram is at 3/6/09, and the rally, up until today, is shown...
I've added blue Fibonacci extension levels for projections off of Bear market Elliot Wave 1 down from the top of the rally...The red levels are projections downward of the rally itself from the rally top. Trendlines aside, there is some congruence between the 1.618 rally projection and the .786 Wave 1 projection....
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