You could draw a similar line at the start of the last big rally. Drowning men will grasp at straws...
Unfortunately, there are a number of people on this website that have very little understanding of basic technical analysis, let alone how to properly interpret elliott wave, which in itself can be a rather complicated endeavor. I believe that we are at a very significant juncture and that the Elliott Wave methodology is proving to be pretty accurate at this point and time. Sure, there are lots of "alternate" wave counts and patterns subject to various interpretations . . . However, after a rather long and drawn-out MATURE trend, the wave count becomes pretty darn accurate. The hard part is getting there. See the link below for my thread that I started a couple of days ago, looking for a Wave 4 corrective low being confirmed and a new rally towards 1559.09 for Wave 5: http://www.elitetrader.com/vb/showthread.php?threadid=98553
Here is the 32 year cycle again, but on the bottom is the solution of the 32 lunar month cycle. Yes there are cycles based on lunar months also. (actually, this is Delta Phenomena stuff). I used qqqq data to get this 32 lunar month cycle. There is a low about July 2, then a high due about July 16, then the next low about July 25. Use at your own risk! Good trading. OT32.
I am reposting the chart in the previous post as the chart has degraded from repeated copy and pasting. Looking for a high maybe early next week for the stock indecies.
Actually, there is no 32 anything cycle according to Welles Wilder's Delta Phenomenon. You have extrapolated a multiple of one (or more) of the actual Delta Phenomenon cycles with two distinct differences, or depending on point of view, problems. 1) You have no basis for a starting point, otherwise known as point 1. Anyone can see faces in the trees, if they look at enough trees. 2) You have completely overlooked inversion, phasing, whatever you want to call it which is present in Welles Wilder's Delta Phenomenon. If you are professing YOUR 32 year/month/etc cycle does not use a constant and or recurring basis for point 1, and YOUR 32 year/month/etc cycle is not subject to inversion/phasing/etc, then you should TAKE FULL CREDIT FOR YOUR FINDINGS, rather than misrepresent a theoretical cycle as that of an existing cycle-like analysis with ongoing and historic empirical data.
The time frames in the Delta book are wrong, hence you have inversions doing it their way. The way I do it eliminates inversions. If the Delta book time frames are multiplied by 8, you have the correct time frames to solve by. So I use 32 year as shown in this thread and 32 lunar months. The attachment is how it is done. I am working on completing the entire 32 lunar month solution, but I suppose if there are an average of 3 turn points per lunar month there will be some 96 turn points for the entire solution. Looks like the market is heading down from the #2 high on the 32 LM now. The #3 low is near the end of July.