This is not the day the teddy bears have their picnic. Today’s NYSE a/d was 5.34/1 which is the strongest advance since July 15 2009, although on embarrassingly low volume.
My count for the Russell 2000 is already blown. I’ll do a new count for the SP500 over the weekend and the VIX count looks like it needs a complete refresh.
When it comes to Elliot Wave the Dow is still considered the master index, as it better reflects sentiment, so let us continue to look at the macro view that I have been publishing lately.
First the long term View
Long Term
Now the last few years
Then the last 60 days.
Notice how the Dow crossed the line today, the first time since Jan 19. This means that, for the bearish case to remain intact, the dow need to go down on Monday – back into the bear channel, and go down hard. Otherwise we could be looking at another uptrend.
