This pattern has behaved perfectly even with today's blast to new highs. I have more of a detail wave count on the chart below. Will it be a great call or just another call too early? Next week will tell us more.
Starting from its origins, this originally looked like an impulse, then many zigzags started to form with the 4th wave dipping well into the first wave by a clear margin. This instantly killed the impulse pattern and should always force us to look at alternates.
The 4th wave decline was a nice larger
zigzag decline as it plunged into the 4th wave bottom this morning. This is all good, and the market proceeded to reverse and blast in a powerful move, reflecting a perfect normal zigzag. The markets could add on a bit more, but wave three is still the longest and ending triangles don't have a very long shelve life.
When you run with the bulls and smell all that Bullish sentiment (BS), the gasses can make you do funny things to your mind. You can start chanting words like, "It's different this time", In the end, we find out they have all the same babble as they are all feeding off each other in and endless feedback loop.
There will not be a clear support level until it arrives as it could plunge all the way to the bottom for a new record low. We want the stock bull to scream for mercy before the bears give control back to the bulls.
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