So hence a possible wave structure. The next few days/week is important. I also like how the subwaves of wave (iii) channel nicely. The "control" for this count is where I have wave (i) high of 78.51. This cannot be breached until at least we have a Minute [i] top. Which means we need a new high here prior to any breach of 78.51 were it to occur.
The primary count is Minute [ii] of Minor 5 is playing out. However I am strongly considering changing the primary count to Minute [iii] topped at 1235 a few days ago and perhaps Minute [iv] is playing out.
But this will depend on the nature of any further price pullback and/or consolidation patterns.
But overall I am open to whatever the market decides to reveal over the coming week. So the nature of any further pullback or consolidation waves will help determine the overall picture. As of the moment, the wave structure has not yet traced enough information to determine the best count although we have some definite choices.
You can see this alternate count on the Wilshire too.
But is Minor 4 even over yet? We must keep that as an alternate.
NYAD hasn't made a new high and is not leading prices higher. This is one I'm watching closely. Subwaves of Minute degree aren't easily diagnosed.
I haven't talked much about sentiment lately but most who read this site are aware of the still very high survey readings of AAII and Investor Intelligence. Sentiment Trader reported again their cumulative score has breached over 40% again which is getting a high degree of bullishness.
In the context that this is P, that is a warning flag.
Here is another measure of sentiment in the CPC chart 3 and 10 day averages.