Well, the market bulls finally did it...
They breeched the financial sector's 2007 ATH at 30.97.
In my opinion, this means the most rapid bear market scenario has been eliminated as we can no longer label the high as a 'C' wave from the 2008 bottom. Furthermore, the rise from those lows should now form a 5 wave impulse, which does not look complete yet.
That said, my original bullish and super cycle 4th wave patterns are still possibilities. Ironically, I think breeching the ATHs also opens the door to an even more EXTREME bearish scenario in which we could be approaching a grand super cycle finale in the months ahead. Albeit, this would be a slower bear market, but extremely devastating as it could last for more than a decade.
Time to sit back for a bit and see what might unfold. Right now it seems that that ATHs was sort of an iron wall, even though it was breeched. We shall see if the market can really push past with force soon.
They breeched the financial sector's 2007 ATH at 30.97.
In my opinion, this means the most rapid bear market scenario has been eliminated as we can no longer label the high as a 'C' wave from the 2008 bottom. Furthermore, the rise from those lows should now form a 5 wave impulse, which does not look complete yet.
That said, my original bullish and super cycle 4th wave patterns are still possibilities. Ironically, I think breeching the ATHs also opens the door to an even more EXTREME bearish scenario in which we could be approaching a grand super cycle finale in the months ahead. Albeit, this would be a slower bear market, but extremely devastating as it could last for more than a decade.
Time to sit back for a bit and see what might unfold. Right now it seems that that ATHs was sort of an iron wall, even though it was breeched. We shall see if the market can really push past with force soon.
Note
For the past week, since hitting the new ATH, it looks as if the (X) wave iron wall theory holds. This means we should drop through the Dec 2018 lows sometime early in 2020.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.