The DJIA is one index that is still running well behind the Nasdaq and others. The Nasdaq is the only index that has traveled to new record highs, but others are catching up, or getting close. I also switched to a line type chart, but this also changes any wave counts, I may be working at the time. If the DJIA is still going to play catch up, then it still needs more time to accomplish this task.
One burst of energy could push the DJIA to my top trend line, which would definitely force another wave count review. I have some very questionable short term moves, that I don’t like, but those are the things that eventually need to be resolved.
The three trend line angles, is based on the bottom line, and the middle line helps to outline one degree lower wave patterns. We have the new moon coming on Saturday, and many times moves correspond with expiration dates closest to the 10th and 21st of each month.
Until this market displays a sustained decline like Bitcoin has been doing, then the end of the bull market is questionable in the short term.
President Trump is doing everything in his power to keep this bull market going, but sometimes bull markets end out of pure exhaustion, with nobody left to get in. Remember the idiots that love to buy high have to find other suckers to sell to, and one day those greater fools will not show up. It must be a new bunch that has no clue what “Technical Analysis” or “TA” even is. The concept of contrarian thinking is completely absent in todays world, but from an EWP perspective, we must never forget any contrarian thinking.
When we do forget, we don’t see it “coming”so we miss all the market crashes and impending bull markets. Investors that think that bear market’s like 2001 and 2008, should never happen, are living in a delusional dream world, or they just arrived from a different planet. Of course, if a new group of aliens is buying into this market, then they also did not listen to or record earth’s market history.
The Gold/DJIA ratio spread increased a bit to 19.44:1 which makes it more expensive when compared to gold. About 21:1 is my top ratio record, which will be hard to beat.
No market stays permanently high, as they do wear out the participants if players are no longer make any gains. It’s been about 6-7 weeks already where the crowd that got in, in January, have made no gains or just stayed even.