First Friday of every month can produce some wild moves. I don't analyze any of the fundamental reports as they are lagging in nature, and you would never maintain a wave count if you did. Relying on some government report that might be rosy right now, can be "adjusted" a few weeks from now and it would sound a lot worse.
The screaming of the media is reflected in the charts acting like white noise. What happen with the rapid move was that the 4th wave dipped into my first wave killing the impulse dead in its tracks.
I showed the horizontal line where the dip has occurred, and when that happens the impulse "must" be thrown out the window. I still had two other options and the ending diagonal will fit Starting from my big arrow we now have a diagonal wave count, and better yet it turns into another potential ending diagonal.
This would also limit the run to newer highs as ending diagonals have little staying power.
Also, once the market falls below today's bottom, then the good news will have meant nothing, as the markets get bored rather quickly.
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