The chart on the right is a correction in the Nikkei 225 back in 2013/14. I couldn't help notice the similarities with what is happening in the SP500 right now. My blue count for the SP500 suggests that there might be a final leg higher before any major correction while the red count has a called an end to the B wave already with C starting these last few days. Lets see if the markets are indeed rhyming this time.....
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If the SPX breaks above it's August high then I will be inclined to follow this alternative count. Definitely looks possible at the moment as I can see lots of other indices looking to bounce today. Watching and waiting.
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Ummmm. Interesting.....
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Other things to look out for here: Will it turn into an expanding flat or a running flat?
Am I totally wrong and a major top has just formed?
Am I totally wrong and a major top has just formed?
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I reckon it's still rhyming. But it needs to turn up now to keep doing so.....