sp'weekly
sp'weekly2, rainbow
sp'daily3 - fib levels
Summary
So...yet another bad day for the bears, with the Friday morning low of sp'1539 now looking a very long way down.
Unquestionably, the break - and daily close, above the old high of 1576 is important to recognise. Bears should arguably now sit back, at least until early next week, and then reassess.
The weekly'2 (rainbow) chart flipped to a green candle when the SP' broke 1580/81 this morning, and if it closes the week with a green candle, that's a very serious problem for those who follow these Elder Impulse charts.
*I checked all the six main indexes...
The Dow, SP, and Nasdaq Comp' are flashing green, whilst the R2K, Trans, and NYSE Comp' are still blue.
I suppose it could be just a blow off/mega short-stop run on the three 'headline' indexes, with the other indexes telling the 'real story'. We shall see.
Those bears who still believe we are forming a top, MUST be seeking a Friday close in the 1570s..or lower, and get those candles back to blue!
Meanwhile..in Fib' land
I'm still keeping a count on the Fib' chart, but its something I am now very uncertain of. Just how should we count this post November series of little waves higher? What is really bizarre, is just how far down the sp'1480s now look!
Just how are we going to be trading down <sp'1500 this spring, whilst the QE-POMO is continuing?
--
Regardless, the current trend IS up in the immediate term, and until we're under that key (March'19) low of sp'1538, the bears have nothing to be pleased about.
Goodnight from London