(whispering).... We have secretly replaced Gary David Goldberg's Black Labrador with a large grizzly bear, let's see if he notices
..... I am just randomly entertaining myself. But this nice bullish compliant rally has been secretly replaced with a (or rather the resumption of) bear market.
Let's see if the dip buyers notice.
Anyways, getting back to the counts. I still maintain that the count, at least at the Minute degree (but I also think Minuette discrepancies are too big also), should be the same between the 5 major indices (SPX, INDU, COMPQ, NDX, RUT). So drawing on the observations from last night (Reinstating the Tin Foil Hat Zone) here are my counts.
Wave 4 going into 1 on the Dow *CANNOT* be ignored. So I think a leading diagonal makes the most sense. It counts as one very specifically on the Dow, COMPQ and NDX and it is only the "shape" of a diagonal on the SPX and RUT.
Point is I think yesterday was a Wave 2 reaction and the strength of today especially as it accelerated the last hour counts very nicely as the _beginning_ of a Wave 3.