Regardless of how you might like to count the waves across the last few months, or even years, we unquestionably remain within an outright bullish trend. The weekly charts are now back to green, and the monthly is now in its third consecutive green month.
Sometimes simple is best..and that's partly why I will keep highlighting these 'rainbow' charts, that make use of the 'Elder Impulse System'.
Despite the 'hopes' of the doomer bears - not least myself, the primary trend has been upward for the past four years.
Perhaps even worse, - and to me, what remains remarkable, is that we've not had a decent multi-month down cycle since late summer 2011 Despite all of the underlying problems..and endless ticking econ-time bombs, the market has been holding itself together.
No doubt, its largely a result of the Fed, the HFT algo-bots, and the delusion in the mainstream that 'everything is gonna be okay'.
A somewhat disturbing thought to end the night....
This 'grand' multi-year up trend will of course eventually conclude, but I'm really starting to believe the cycle peak won't be for another 2-3 years, which at the current general rate of up trend, would mean we won't max out until around sp'2500/2750 in early 2016.
Goodnight from London