Nasdaq Intraday Record Highs Update: Still Going To The Moon!

This morning the stock bulls must have been hit with a tazer, as the markets jumped a bit. Well, this has been going for the full Month of January already, and it may last until the end of the month. I changed the wave count to a big zigzag, with what I show containing a long wave 1. I normally never count it his way, but in diagonal waves this could work as an ending diagonal as well.

The Nasdaq is just a bit short of 6980 which would be the number to beat. That could happen as soon as I post, but we should be setting up for another correction. We need this market to leave a nice vertical spike in the daily cash charts, as the weekly and monthly charts already have these huge spikes very visible.

We need a correction big enough so it can never come back and soar to record highs this year. The media will always focus on how much higher this market will go, but only a few talk about how low it can go.  Any 20% correction is the public definition of a bear market, but I know markets can correct 40% and 60%.

The Gold/Nasdaq ratio is at a bit over 5.22:1 which means it takes 5.22 gold ounces to buy one unit of the Nasdaq. This 5:1 range has not changed all that much as it may be double topping as well.  One day this Gold/Nasdaq ratio will shift again where it could reach a 1:1 ratio. This still could take a few years, but until it does this market is overbought and very expensive.

If you’re not a contrarian then be prepared for the stock bulls to trample you as they run for the exits yelling,” Fire”

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