We had a small warning that an anticipated move to the downside was coming. This morning I posted the DJIA and was expecting a bottom. This rocket rally was a great move, but we know a move like this is far too fast so a correction should happen soon. A small spike appeared today and the E-Mini has started to back off.
This is always a potential tricky situation as this could be a "B" wave rally in which one more leg down would have to happen, and it would have to go well below todays wild bottom. This is my least favorite wave pattern I want, but we will keep our options open and look for a correction.
Could this be another wave two up in a bigger bear market. I don't think it is because the waves would not
rally so violently and also so impulsively. At this rate it would take the markets a 100 years to find the next major bottom.
The only thing that has formed half decent impulse waves are running back up while the declines have been choppy as hell, so this also helps to determine which is still the larger trend.
Elliott Wave 5.0 "Reboot" crossed a milestone earlier today as 500,000 pages have been read in its history. I want to thank also those that made it happen and another big thanks to those that have donated.