SP500 ~ price has reached the area that will determine the long term bear or bull wave structure...
Back from vacation and it doesn't look like I missed much. One thing I learned long ago was that if I wanted the market to do something I was waiting for...all I had to do was go on vacation and it would happen. I'm not sure it worked this time. The long ascending sideways rally just keeps going and it's hard to count any wave structure with absolute certainty. The 30 minute chart shows a five wave structure with a possible diagonal wave-v of (v) of [c]. I don't have much confidence in this particular count and I'm showing mainly to try to align it with the NQ...which by the way made a new all time high today. What a major divergence with the other indices! Are the other indices working on 5th waves to new highs and just lagging behind? Or are the divergences showing us that this is wave 2! The problem with the diagonal in NQ that people are overlooking is that the third wave is the longest. By diagonal rules this shouldn't happen...the third wave sho...