Now that the markets are soaring does it mean the bull market is back? This move for June is not natural because there are only very small corrections. I’m sure the bears have been horned by the stock bulls but is it time for this trend to reverse?
The May decline fits best as a diagonal with a 7-wave count. Any wave 2 rally will find stiff resistance at the previous 4th wave top and in this case, I have 3 previous 4th waves that this present wave 2 has touched.
Sure we can go higher but then a higher degree may also be involved. I changed the location of my Minor degree run and we should know by the end of next week or so.
Another set of 5 waves down in Minute degree would have to happen and nothing short of wave 2 retracement, would be acceptable.
The Gold/Djia ratio got better, but it’s still far too expensive presently at 19:1. Cheap would be closer to 8:1.