Here is an important bit of analysis on a recent development.
P2 cannot end without Financials helping the bearish case. Financials have been rallying. So is it a blowoff? 2 weeks ago I probably would have said yes. But now, I am not so sure. My evidence here, the Philly Banking Index (BKX)
I wrote a post about the BKX a few weeks ago: The Big BKX Count. I thought things looked to be finishing up.
But this week the BKX put in new highs. On top of that, I think the overall pattern is an ascending triangle. I think Gary at biiwii is calling it right on: Piggies
I have updated my count below.
Since I fully expect financials to lead P3 down, or at the *very least* not be rallying while P3 begins, then I tend to favor this P2 count at the moment: A P2 Alternate Projection
Including close-up count of triangle