Tweaked the count to match a possible wave [iv] triangle in the works.
SPX Weekly.If the market continues to grind toward 1440, its likely bullish sentiment will be quite substantial.
Sentiment is quite elevated. Some examples:
Investor Intelligence Bull Ratio is 69%
AAII bullratio is 62% and has been above 60% for multi months which is the longest its been that consistently bullish in many many years.
Consensus,inc. sentiment is at 78% the highest since 2003.
Market Vane is 68%, highest since 2007.
So there is a lot of extreme sentiment being generated. Yet not every sentiment gauge is on board. For instance ISE Sentiment Index is actually closer to bearish (although the ISE equity-only put/call ratio is at an extreme).
So if the market can grind higher it can only imply a major market peak is being hammered out. Question is what price level?