This Sp500 rally has now started to fit much better as a newer high has been reached. The last five waves are a diagonal set of 5 waves. Even looks like a triangle pattern.
In the gold market this exact pattern fits into modern wave count as a bullish move not a bear market rally. This SP500 is on a small bear market rally and it will retrace itself. All this chart has to do is make a sudden drop and the 50-day MA will slice the 200-day MA and then the market investors are sitting on a Death Cross. Gold is doing the same thing so a huge part of all assets are going to see price crashes along with stocks.
Fundamentals do not work at the extremes and if your not a contrarian in this business then you become the victim. Do you want to be the victim when the stock bulls start falling from the sky? The EWP is always contrarian and if you have the same wave count as the stock bulls mode suggests then our wave counts are totally wrong. Every wave counter gets caught in a trap this way, and I use their wave counts as something not to do. When a wave count is wrong you can always bet against it! From a Cycle degree perspective, all internet wave counters are counting all the “bad” wave counts for me. They save me a lot of work, thank god! 🙂
Apple may have topped and the same with Netflix, a few more need to topple as the falling “elephants” will crush any bulls that remains standing.
In Cycle degree the SP500 match gold very well, the only difference is they are a bit out of sync but gold and the SP500 could crash the same by the time the end of Cycle degree wave 4. Won’t that surprise the gold bulls!
My intraday wave counts are going to suffer, as I’m not a day trader and never will be. I’m sure the stock markets crash will coincide with gold’s $800 bottom so I could even pick up the count when that happens. It is far more important to watch the gold market and the anticipated swings in gold are going to be wild.