The market crashed from August 2008 until March of 2009, a span of 8 months. It has now taken almost 23 months to rally back to this point and recapture the losses. But here we are.
We have a very solid Elliott wave pattern on all timescales. Note the Fib relationship on the SPX.
A look at proposed Minute [v] of Minor 5. I'd rather the market end with a "bang" than a whimper.
Lining up the FIB markers on key pivots. Also note the 50% marker should be approximately near or on the blue boxed area (virgin wave space). We are already at [v] = .618 [i].
Another stab up at the PVT long term trendline.
I was going to show this small positive divergence on the breadth thrust last night. Well, it panned out for today at least. Yet we are still well below and possibly a long term divergence. Its not today that makes the market, its what follows today.
GDOW shows why I prefer the (A)(B)(C) count overall.
Dollar at (c) = (a) if thats what it is (zigzag wave [ii]). Its hard to label it as anything other than what I have it for now.
New high on the NYAD today. But I don't expect there has to be any kind of negative divergence. P has not been that kind of rally.
The up channel line must be deemed important. The market doesn't want the party to end. A solid break of the line will signal weakness perhaps. I think the market knows this. Today had to be a massive up day or else we start to slip under.
The market had no choice here. But can it keep thrusting higher? I say no.