McWedgy

I wonder if Mayor McBull is watching this?

Wedges?

The last few days seems very overlapping and sideways, yet decidedly up. Ending diagonals at play?


Edit 3:55

Daily chart is rolling over. Lots of topping candles and finally negative divergence on Daily MACD

What does the stock market and most hams served during Easter dinner have in common?

Both are overcooked.

Based on my arguments yesterday, I still like this for a top, and not another big 5th wave run up based on the size of the extension in the 3rd wave.

As an added bonus we have a triple top on the Nasdaq 100.

So much for that theory ... sort of

Move down from the 1157 high turned out to be a three and couldn't develop an impulse down. So what of my question from yesterday: Just a pause on the way to new highs?... I'm not so sure about that. Do we head up to 1170-ish like many are saying?

Again, I am not so sure about that.

First I don't buy the triangle theory. The move up today is a very clear impulse. It is already to the top of the range, so I highly doubt it will serve to be the A leg of D of a triangle. I don't buy that at all.

I think it is far more likely that this move is part of 5 up. The question is how high?

Consider the fact that Minuette 3 based on how I count it, is appox 4.24 times Minuette 1. This is a Fib extension ratio (see Randomly Useful: Fibonacci Ratio Table) and a highly extended one at that. So does the market make another strong run after that? I think the odds point to 'not likely' IMO.

All of my 'Top 10' observations are still in effect (well, more like 8 of them) so I still think we are near a top and don't have a lot more upside with this wave.

Just a pause on the way to new highs?... I'm not so sure about that

The Nasdaq Composite, which has been the undisputed leader the last 3-4 weeks, is now looking weaker than the SPX. I have serious doubts that this is just a "routine pullback"