Market activity during night hours may be dominated by traders from around the world as local investors may just be waking up. The big boys who bring us new IPOs try to time them for the peak of a bullish cycle. Flooding the markets with IPO’s is a sign of a major top as stocks like LYFT, and UBER fail to make investors happy.
I’m sure we have started a 5 wave sequence and for now, I will be looking for a Minor degree 5 wave run. Of course, any run like this doesn’t last that long as being out by just one degree will produce “Surprise” counter-rallies that would move outside of the two trend lines.
The goal is a potential “A” wave in Primary degree as that would also give us a short term buy signal. Any “B” wave could be very small but might drag out a few months or so.
Folks, we are heading into new territory and any corrective wave count I can come up with, may not last very long at all.
In the last year or so of solar cycles, markets tend to crash but a few times this has not happened like in 1996.