In my opinion, buying into anything that has gone vertical will turn into a disaster because we don’t know how big any dip is going to be. Everybody on the planet thinks this market is going to soar and maybe it will.
If this market is still going to add another super leg to it, then this market has to show or develop something that can clearly work as a correction. That is always a tough call since nothing screws up a wave count worse than another diagonal decline.
So far the Nasdaq has made its last dash to the upside a day after the full moon has arrived which doesn’t happen too often. March is always a good turning month and we have about 6 trading days left before the end of the month.
If this decline keeps going then the chances get dramatically reduced that a new record high is going to happen in the next week.
The Gold/Nasdaq ratio is at 5.76:1, which is down from 6.38:1 and still nowhere in being cheap when compared to gold.