Welcome to the Reinstatement of binv's Tin Foil Hat Zone :) (I know Jimmy will be very happy to see this) :)
Here is my crazy count for today
Per the conversation with Alphahorn below, I want to share why I am looking at this crazy count:
The reason why I am thinking about this crazy count is because the 1-2-3-4 (today's rally being the 4) that so many people are counting .... well, 4 goes into 1 on the Dow. And I still subscribe to the theory that the best count is the one that works on all 5 major indices.
So with the Russell breaking the Oct 2 low (which is *huge* reason why I am sticking with the bearish count), and the NDX making a higher high on Monday vs. last Friday's high, and the bearish breadth at the peak yesterday (9:1 D/A), and with the Dow today going into the wave 1 down from last week. ..... a standard impulse count doesn't cut it, nor does it explain the strength of today.
But a leading diagonal really starts to look very compelling. We got a nice reversal up that matches up with a reaction from falling wedge. But the counts in the wedge are **impulsive**, not corrective. Which has leading diagonal written all over it.
.... at least that all makes sense if you are crazy like me :)
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1 year ago