E-Mini SP500 Intraday Review: Another Top?



The Sp500 created another record high this morning at the 3626 price level.  Any new record high can also be the last record high for the year. To confirm this then the SP500 should make another new low soon.  Every call like this is a bit tricky, because we can always have missed a patten in the past, producing another extension.

This is the nature of the beast, but when we look at this same wave count on the weekly charts, we have a massive spike which is the opposite of the massive spike low, we had in early 2009. This is when the wave counts should be the clearest and should be double and triple checked, depending on where we are counting from. 

A big bear market will come as we must get another strong correction or the end of a major bull  market phase. The end of a diagonal 5th wave in Primary degree is what I’m looking for.  It sure has been elusive to this point, but it will be worse if our degree level is out by one degree.   I have mentioned it many times, that without all Cycle degree positions confirmed, we will never pass the gates into a SC degree world. Those  wave analysts that are  ending in a Cycle degree 5th wave, already think that they are in SC degree. I spent most of my life chasing these high degree mythical wave counts, and found out that Elliott waves never act like the pretty impulse waves they show us in the EWP book. Real world waves are never that even as they always have extended waves somewhere.  

We have 3-4 years to go for solar cycle #24 to end,  after which solar cycle #25 will start. When this happens you no longer want  to remain bearish as the next solar cycle #25 will produce another major bull market. I have posted this idealize chart many times already, and have it tacked up on my wall where we will get the best idealized simple wave count that we can get. 

One thing I’m very confident in saying is that, “Solar Cycle bottoms crush all bearish wave counts we can dream up”.  


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