Hmm, that is indeed one hell of a wedge.
Contrary to what many of the deluded might believe, the markets are still not even above last summers high. I dismiss the stupid dow'30. That index remains laughable, and should be the dow'100 for anyone to take it seriously. Same for the Transports which only have 20 components (surely they can find at least 50 companies that are in the transport sector?).
So..targets...
1 The big 8000 level must be broken below, for ANY bear to get excited
2. We need to at least hit the 10MA - which by March'2 will be around 7900.
3. 7600 - for the doomsters to genuinely have some serious evidence that wave'2 is complete.
These are not even bold targets. They should be easily attainable in a standard retrace. That is not to say of course that we won't get a really annoying higher high. However, as noted in previous posts, the smarter ones -with the big money to short, will be waiting for a lower high to occur on any subsequent bounce.
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Sunday night futures wheel is spinning of course, marginally lower.
Market moves remain noise until we see a dow -175 day, and close at that, or better.