I am glad the market quickly recovered from my last post and launched to new all-time highs. This keeps the wave structure honest. The primary count is that Minor wave 3 of (5) is underway and this implies some more upside until it stalls in a sideways wave 4 and then final 5 of (5) of [5].
As I suggested in the last post, if the market was not finished, it would likely take a few more months. We are likely to hold up until election day or near election day to complete the overall massive wave structure since the 2022 low. It’s starting to get interesting again, and I’m likely to post a lot more.
I hope the final few Minor waves plays out as advertised that would neatly wrap things up. It is hard to argue the overall count of this structure. There really is not much nuance in it all. The DJIA agrees with the SPX. The Composite however is lagging a new all-time high which is not a bullish sign.
Of course, China is in complete disagreement. They are approaching a foul low in social mood. This could of course bring war with Taiwan.
The bond market is already signaling another potential .25 basis rate cut.
And of course, the long awaited 30-year wave [2] seems to have finally blossomed.
