A thrust indeed has occurred which implies a triangle thrust. The Dow Jones Industrials was a mere 38 points from a new official intraday record and came about the same amount short for a new closing high. Yet the 6 day thrust event is only 50% of the 7 day thrust event that kicked off Intermediate (3). It’s holiday low volume.
And the Transports are lagging.
It is still very much a fractured market. Only the S&P 500 has made new highs. The Wilshire is still lagging. It would not surprise me if this schizoid market would fall apart here and now.
If the Wilshire makes a new high, we will have to abandon the extended wave (5) count and readjust to something simpler.
