E-Mini Sp500 Intraday Top Review

The SP500 sideways action or the last week or so, gives this SP500 a double or even triple top. Of course, those kinds of patterns can work just like another 4th wave, so we need the markets to show us some more downside.  We need more evidence to help confirm a bigger trend has just started. How many times has this happened before, when the declines or mini crashes just charged higher.  

This entire top has been the most problematic when we compared the other two peaks since 2000.  The 2000 and 2007 peaks were much easier to read, but they were coming off impulse wave runs. Since 2009 we have had a major bullish phase that every major expert wave analysts did not see coming in early 2009. 

I never though the markets would go this high again, but when they wouldn’t stop,  all other wave counts should have been trashed. I gave up hope on any GSC degree wave counts and started to count everything one degree lower in SC degree.  Of course that only lasted a few years before I had to reboot all my wave counts, in Cycle degree. 

Cycle degree is a full 2 degrees lower than what the majority of all wave analysts sees today.  In late 2008 Steven Jon Kaplan was already calling for the biggest bull market since the depression, while the experts were still playing around with a 5 wave decline. 

I’m not using Cycle degree just to be different, I use it because I count from a wave 2 base, and not from a 4th wave base like the majority do.  Since the 2000 peak in the markets not a single wave has developed, that can confirm any SC or GSC degree peak. 

Everything in stocks, wave 3 gets extended most of the time, and only rarely do the 5th waves extend. Then usually it is the last degree. 1987 to 2000 was a 5th wave extension, but only in Minor degree. For decades, they called the 1987 crash a Primary degree wave 3, which again is a full two degree levels higher than what I see and use.  

There may be no updates this Thursday morning, but I will post later in the day.