Dow again

dow march 9 2018 bdow march 9 2018

For the past 9 years or so, anytime you have a bullish or more bullish scenario and a less bullish scenario you always seem to have to chose for the more bullish one. The whole wants the markets to go up. Having said that, I think the call is still correct, it will just take a little longer.

We had a 1-2 and from there another 1-2 but of a different (smaller) degree. If both are to end up looking more or less similar, that is wave 2 should retrace roughly 75% of the wave 1 before it, this last wave 2 could go as high as 25,400 , then wave 3 should start. Notice that in this event the two 1-2s look alike. like fractals.

Some have suggested that we might be tracing out a triangle and that there is yet another leg up to go. If our assumption is correct, that is if the first leg down from the peak was indeed a 5-wave affaire then this cannot be a triangle in the making as ALL legs in a triangle must be 3s. Also the new high in the does not necessarily support the idea that all other indices need to follow. There are irregular patterns that allow for a B-wave to exceed the starting point of A wave.

We will see.