Stock market live blog recap: End lower, but trim losses after Dow’s 401-point
fall - The Tell - MarketWatch
This cash chart of the Mini DJIA has a different wave count that actually fits my outlook better.
That can be very subjective, but any wave count will break a subjective wave count very easily.
In this case the DJIA would have to crash much lower, but it already came back hard at the end of the day. To prove all the super bears wrong, that are far too early, this market has to push higher.
Preferably I would like to see it above what looks like a small recent double top. The secondary top is lower in price so this can all be part of another zigzag correction.
This chart would have to travel a minimum of 2350 points to create another world record high, and I am sure many bears will say fundamentals do not justify the DJIA to go that high. Since when does the market care about the fundamental opinion of the majority?
Everybody already knows that a bearish trend is in progress, so are millions of investors, just getting ready to get out, or is panic buying about to set in?
When markets do high speed crashes like it started to do last night is usually a "C" waves crash.
None of these moves change the fact, that the top rounding process looks like a diagonal decline which still has to be resolved. The VIX has a minimum of 5 gaps to close below present prices so this also helps to keep my bullish opinion alive.