What a schizophrenic market. It was a very strong up day internally. The Wilshire primary count has a wave [ii] flat count since we had clearly 3 waves down since pink (a).
The possible long-term alternate is that the market has triangulated in an effort to get higher yet again and this would take us well into the new year. I could make this pattern on almost every index including the DOW. The last few down days would have been the “head fake” “E” wave and today was the beginning of the “thrust” upwards. It will require follow-through so tomorrow will be interesting.
The good thing for the bears is if the market makes a new all-time high again, it should be short-lived as a thrust out of a very long-winded running triangle would be exhaustive at the end.
