With the sell signal on Friday from the Daily System I have been doing a lot of thinking about the current count. Like I said on Friday there are still a lot of reasons why I think this correction is 'suspect' (see Friday's post and comments), but we have a sell signal and I am respecting it.
But the count is ambiguous. We did not make a higher high above the March high in May (although the Dow did), which my system was expecting. I was thinking that the move up in May was part of the correction, but now I think it is a failure (something that E-T was pointing out) with all the evidence considered combined with the Daily sell signal.
Here are my current thoughts on what could be happening. I am not hard over on any count at the moment because I am seeing conflicts on so many charts, but for many reasons that I have elaborated upon previously I still don't think this cyclical bull market is over.