Are We There Yet?
Are We There Yet?
I know what you are thinking – how much further can this thing go? Should I cover here or is SPX 1200 in the cards? Well, it’s time to take a look at our medium term wave count:
This third wave just keeps sub-dividing – I’m not even going to try to count this thing on less than a Minor degree level. Either wave {3} completed on Friday or we are heading for 1210ish. 1195 is highlighed as it’s a 161.8% fib extension but would the bulls really have 1200 in their sight and not try to push beyond it?
It’s probably smart to take at least partial profits if you’re on the long side – you had a great run – congrats to you. But let’s not get greedy here, shall we? Higher tape is definitely possible, especially considering the current NYSE A/D ratio reading which is almost at 2.0.
Cheers,
Mole
