Well, the market finds itself at the opposite end of where we were last Thursday (see last post). The best bullish case was that it had to go up immediately and violently and it certainly did over the last few sessions. The NASDAQ Composite came within 7 points of a new all-time intraday high however today was a new closing high. Its count seems unfinished. Therefore, it seems the bullish count overall is back in control. However, the DJIA is of course lagging badly the SPX and Composite.
Looking for the top of Minute [iii] of 5. Today’s big open gap up has to stay open for this count to finish.
So, as we did last Thursday, we leave the best opposite (in this case bearish) count. Which again implies prices need to move immediately – in this case down.
