It just amazes me how the herd keeps jumping into markets at record highs. They have done this at every record high since 2000 so it does not surprise me that they are doing it again. Due to the fact that since the 2009 bottom we had a “Big and Tall” bull market, many wave analysts have increased their wave degree accordingly. One analyst has the 2009 bottom as a SC degree wave 2 bottom.
Other popular wave analysts still have the potential for a wave 3-4 in Primary degree. Sorry folks, but 5th waves are always fundamental the weakest in the links, and they never last multiple generations. The majority of wave analysts are still pushing, an 89 year old 5th wave extension. From the last 2016 4th wave bottom this market shot straight up, with hardly any clear subdivisions. Vertical moves like this is a sign of an ending wave pattern, not the start of something better to come.
Everything tells me we could be in a wave 3 in Cycle degree and that we are going to get a Cycle degree correction, with 3 waves in Primary degree. I’m going to keep my updates brief, as I fight through this flue.