Yes! ... second wave up It looks like today is part of a 4th wave with one more push up to go. I just posted the SPX chart on "resumption of the bull" thread. Had I noticed you had written would have posted it here. Here's the NAZ count anyways
Got it figured out yet?.... Is not EW nothing but the same ole trend following techniques? I have always heard you never really know what wave you are in. I discarded it as redundant.
We are and have been in, since mid Oct. wave iii of 3 of V See chart: Tracking the little waves just makes it that much more interesting, rather than just sit around until wave iii completes.
Mike, Still bullish long-term and intermediate term, nothing has changed. However, I took a closer look, last night, and I see some short term bearish divergences here: especially in the NAZ and DOW. I'd be careful
How would you weigh the bearish divergence against the wave count? Would you say it is pretty normal? Thanks.
Yes, typical wave activity: 5th waves are usually the weakest. The SPX has finally made a new high, the last to do so, but the divergences continue. It's a tough call from here, as to how much further the fifth wave will last, before we get a correction of this five waves up.
The SPX finally confirmed a new uptrend with it's close above 1227 today. Now, all major indices are in confirmed uptrends. Targeting for iii of 3 of V: SPX 1280-1346 and NAZ 2356-2560 by Jan/Mar.'06
Tony, good call staying long this mkt... i think SPX is still below the trendline from the previous peaks earlier this year..which is around 1236 in the cash. i also noticed today that the Russell 2000 didn't fully participate in the rally...usually in a reversal day like today, it should rock! What's your take on that? Good trading!
Lynx It looks like its in the same wave count as the others. Should start to catch up soon ... chart: