Well, I generally still believe the market will hold up until Anthropic’s IPO. Which might be in about 2+ weeks. We have various options in the squiggle counts.
At the moment however, things are aligned for a bearish wave three down in all 3 indices. SPX downward wave [ii] flat.
Composite wave [ii] downward flat or expanded flat.
DJIA Minor wave 2 consisting of many overlapping waves.
Ok, ok, so yeah, there is a count to take us to SPX 8000 upon which gyrates around Anthropic’s IPO in a few weeks.
We have 2 flavors. A long-winded Minor 4 triangle which pops above to about 8000 SPX.
Or the ending diagonal triangle which falls much short of SPX8000 but still makes a new all-time high. The problem with this pattern is that wave [iii] really didn’t climb much higher than wave [i]. So instead, it might be an ascending triangle type pattern (hence the chart above showing exactly that).
