The market head-faked the bears last week. After a new ATH on Monday which was immediately sold, it declined 30+ points until the low it hit on Wednesday, but then the market came back strongly and made yet another new ATH on Friday, finishing close to the highs. From an EWT perspective, because this week’s low took out the low from the wedge of 2 weeks ago, these are likely sequences of 4-5 waves. Which would mean we are in a terminal pattern. Indeed there are enough waves now to count this as a complete impulse off the August low and even from the March low, so bulls should avoid being complacent.
The weekly cycles are still in up impulses with no sign of an uwind started.
The same story is painted by the daily cycles. Up impulses are ongoing and no unwinds just yet. In these types of patterns the faster cycles usually offer better clues in regards to a potential top.
The 288 and 480min cycles You need to be authorized or upgrade to see this content. Please go to http://mcm-ct.com/membership-signup-dev-2/ to sign up.