The subwaves counted well today. Since my AM update, looks like we have now completed five waves up off what I have as wave (2).
The market rallied hard to clear the 20 and 50 day on closed over it by a smidgen. Is the market setting up a small wave ii pullback to suck in some bears shorting at the 50 day only to rally higher in a wave iii of 1 of (3) higher on the primary count?
A potential inverted head and shoulders pattern and by the looks of the daily MACD, this could be in the works.
So for now my primary view is that the market continues to march higher. May need a little more for wave ii down to a 38% retracement, maybe not. We'll see.
 |
| 15 Min |
 |
| Daily |
