An important event occurred today. A new intraday high on our Wilshire5000 ending diagonal count. In other words the minimal requirements for a valid ending diagonal wedge were met today.
On February 25th, the Wilshire peaked at 22,369.06 intraday marking the top of [a] of 3 of (5)
On March 23rd, the Wilshire topped at 22,389.10 marking the top of wave [c] of 3 of (5).
Today on April 15th the Wilshire made a minimum new high above wave 3 by peaking at 22,391.88.
So we have a valid wedge count in place. Its also a virtual, nearly perfect, "triple top" spread over a 7 week period.
Investors Intelligence survey.
Can bullishness go higher and persist longer? Of course. But when aligned with a wave count of a potential deadly ending diagonal bearish wedge and a 7 week triple top formation in one of the broadest base market index (Wilshire5000), its a decent bet to go on the short side of things here.