A good proxy for the Banks

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it appears Bank of New York is heading for new high. For the very very big picture not shown here, we can see that from its all-time high printed in 2001, BK             has only declined in a very choppy overlapping manner highly suggesting it is a counter trend move telling us eventually BK             will move above 62. Now the question is are we going there right now or we are going to keep riding a roller coaster for many years before taking off for good ? I just don't know.

So let's rather focus on the very short term picture as it is very clear, one more little push above 48 to end a nice impulse wave from 39. We see it as part of a larger impulse wave that requires a series of 4's and 5's wave before we call it a day. Therefore once above 48 some kind of correction will emerge. Again, it should be shallow but just be aware of the alternate count that calls for a more bearish scenario once current rally is over. It is absolutely possible that at the 2015 high we started a contracting triangle and in this case it would be perfectly asymmetrical. So it is a possibility we have to keep in mind.

Markets are patterned but they sure don't come with the labels....Just trade accordingly.
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