Well, the DOW fulfilled the ascending triangle. 50K DOW! Yeah baby! Anyways, at least we got that over with quickly.
Some think this might be a ginormous ending diagonal wedge with overthrow. Its ok with me.
It’s a global phenomenon.
Best count for the Wilshire 5000 (and SPX). I’ll just stop calling an “alt” count and call it and “or” count. But seriously, the proposed ending diagonal has not panned out in terms of “exhaustion” and a quick price collapse as a result. Nope. That’s why I posted the 3-3-3 Minor 4 count last night because it seemed to me the market may have played her hand. But yet at about 19:15 EST last night futures were down about a half a percent, and I thought, well, the ending diagonal collapse is coming. And then I thought, well, these things have a habit of working themselves out by the market opening. And so, it did.
The SPX long term trendline. A hit upon it is probably the simplest of things.
Zoomed in we can see the next likely strike.
This is not to say that all is well. The COMPOSITE is lagging badly.
Yet it is a global phenomenon.
The everything bubble.
Talking heads saying historic collapse in silver. I rather say a historic dagger to the heart of the global financial system. Consider this the first dagger thrust up. Plunging deep into the fiat system and pulling back to consolidate and then thrust again in due time.
FOR THE BEARS:
The waves have been strange. If there was an ending diagonal triangle at the top – and that today was merely a relief rally – perhaps this was a result of a falling wedge.
An ending upwards triangle followed by a leading down triangle.
These kinds of counts are exciting. Because they demand quicker resolution. In other words, a very bad Monday/Tuesday to retrace this entire rise back beneath and making a lower low. After all, the DOW finished over 50K. How many of the rich do you think said to themselves, “I’m selling it all if it finishes at 50K DOW.”
