For those of you who may not be aware of my longer term counts, you can find them above at the top of the blog along with various long term and misc charts.I am updating this one which has the bull and bear count. Something I noticed tonight that struck me, which I didn't notice before, was the fact that 1350 represents the .618 ratio of the current wave up to Intermediate wave (1) / (A).
Additionally, I don't know if it means anything, but notice that the length of wave (1)/(A), represented by the blue Fibs, is half the length of the 2008 decline if measured from the wave (2)/(B) bottom back in July 2010. It lines up almost perfectly with 1576. Interesting symmetry at work here with the waves.
Notice on the close up of the daily chart above, a 2.168 extension of the leading diagonal wave [i] = 1350.Given that the daily MACD is in a bullish configuration, a bullish count to support a move to this level, transports rallying to catch up along with the financial sector, and mom and pops entering the market again, I think there is a good chance this is going to be hit before a pullback for wave [iv].
This weekly line chart certainly highlights the fact that a wave 3 is most likely extending here.
