Couple of Additional Data Points

I’ve been sprinkling my posts today with things I believe are telling us we are bullish here (such as oil, a reference to bitcoin, a reference to Apple’s structure—here, and here). Here’s a couple more.

First, I noted previously that the $DAX suggested markets would go lower (first here, then referred to again here). Now, it’s not moved down impulsively. And so, let’s refine the count. I think we will have to do something like this for it. I think we got a huge impulse down for minor (green) A, then a triangle green B (instead of the great big B here), followed by a tiny green C.

I think it’s now primed for a 1-2-1-2 pump. Or, “The $DAX says Übergehen.” The other count was too obvious and so everyone’s trying to play it and everyone’s going to get blown up.

DAX

Also, $JNK (discussed here) looks terrific. Not at all bearish. While the US indices gave up most of yesterday’s rally, high-yield debt looks strong here, ready to rip.

JNK

These are factors contributing to my fairly strong bullish bias here.


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