S&P 500 Midcap Intraday Bubble Top Review

 

 

At this time it sure looks like this Midcap index topped on the 8th of December ahead of  the DJIA and SP500.

The media reports on what is sensational, as this Midcap chart is ignored. This an all good as this chart can work as a leading indicator many times. The SP500 has backed off today as well, so we have to see if that continues as well.  

Diagonals always seem to be present, which can really throw a monkey wrench in the wave counts. I try to start with low degree numbers, to avoid jumping into a higher degree where I should not be. Once any decline becomes more obvious to the public, then any short term degree adjustment will have to be made. 

Longer term I’m very bearish, but short term things can remain irrationally bullish.  

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