BREXIT will fail - Britian will fall with Europe.
Quick look at US indices.... The breakout is not here yet.......
We going to start to look for how to determine the breakout and which lines are important. To breakout there must be energy which normally is derived from subwaves - but due to the volatility and the recent wave failures DO NOT TAKE THAT FOR GRANTED.LOOK FOR THE DEVELOPMENT OF 4P ML's - the higher they go the higher the top will be!
On the count, with the exception of Nasdaq which I believe is one fractal smaller than the rest the principle of the count is the same and are shown on the charts. The DOW is one fractal further in the wave formation since the high in 2015 (typo had 2014!!!).
Wiltshire 5000. Coming up to W1. Until the high is made the gold MLU is the best information for the breakout.
NYA Coming upto W1 - test 1 of MLU
Nasdaq One fractal smaller than rest of indices hence making D1. Best present breakout line test 2...
Russel Coming up to W1. No breakout guidance but remember this one is most volatile.....
S&P Coming upto W1. NOW LOOK AT THE MLU - 3rd test........ but this one has the QMLU above as well.
And finally the DOW. In all likelyhood it has made D1, and already in downtrend to make d-2. This will continue the confusion and battle of bulls and bears going! This is the first REAL challenge to breakout against the MLU.
The Q MLU is a serious resistance area - do not expect the breakout to just pop through and run away! Look for close or opens above here on monthly interval. Look for challenges on monthly intervals to count the challenges. AS A MINIMUM WEEKLY.
So from timing look at the intersections of the M234ML's and these Q MLU's...... it looks like this can still play out DOW Q1 2017, SPX Q2 2017, Russel Q2 2018 (remember this is volatile one......), Nasdaq Q2 2017, NYA Q2 2017 and W5000 Q3 2017.
Breakout does not preclude new ATH - that is just fractal confirmation.
So it looks like next year Europe is going to fall apart on a much more visible fashion which will get those heads that are still buried in sand taking them out.