I Am Becoming Increasingly Concerned That This Has All Just Been a Wave Four Correction

You guys (and gals) know the risk signals I am seeing, and those point to a top (in my opinion), but it need not be a top today. Those signals may point to a top here, a month from now, who knows. I do want to point out something structurally on $ES that may indicate that we have another push up.

Today we came to exactly, perfectly parallel rails (orange lines). That’s not what the bear in me would like to see here. Now, we give that up, great: lots of weight added to the bear count. But: if that lower rail holds and we form an impulse wave coming out of this low, consider yourself having been warned lol.

If we don’t take out this low with gusto and anguish, this may all have been a running flat, 4th intermediate (orange) wave. That may indicate a new 5-wave swing coming.

If we were in a bear market, I would expect better than 1.5% off the highs in two days.

ES


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