I was expecting 12/31/18 to be a down day as a prelude to more downside action in early 2019.
Instead the SPX formed a base. The alternate count is what I consider - super .
1) A series of "Ones" and "Twos" up is the prelude to a powerful third wave rally.
2) Both supposed waves "two" down have shallow retracements of the prior rally- a sign of weak bears.
3) Wave "y in the Running Combination fails to exceed the termination point of wave "w" this implies anxious bulls
4) Wave "c" in the Running Flat fails to exceed the termination point of wave "a" this implies anxious bulls.
All of these factors indicate a potentially huge SPX move up on 1/2/19, perhaps more than 100 points.
So far both the Dow Jones Industrials and the Nasdaq Composite have moved above their February 2018 bottoms. If the SPX moves
above its February 2018 bottom at 2532 this could begin a very big move up.
Bears, you've made fantastic profits, don't let these profits disappear.
Remember the old Wall Street saying; Bulls make money, Bears make money, Pigs get slaughtered.
Happy New Year!
Thanks for the comment.
Thanks for the comment, I noted the possible corrective pattern in my previous post before this one.
We could have an answer as to which is the correct pattern very soon.