The sp'500 closed the short trading week with yet another green candle for the weekly 'rainbow' chart. That makes for a rather incredible twelve consecutive outright bullish candles, and there is zero sign of the current multi-week up wave ending any time soon.
When the market put in the key floor of sp'1814 in early April, I had expected a good 4-6 strong weekly gains, but this is getting into crazy territory.
When will it end?
I want to highlight an outlook/wave count from poster 'Eddy'. It is pretty much similar to weekly8b that I regularly tout, except that Eddy has some upside targets for the sub waves that I think are really important to consider..
sp'weekly8d - Eddy.
I'd certainly agreed that we are in some sort of sub'3 wave. The truly disturbing aspect of this outlook is that - based on the current rate of increase, the market is going to 'broadly' climb all the way into next spring.
Another 9 stinking months of this monstrous wave from Oct'2011 ? .For me, such a further wait (at least in terms of no short index/VIX long trades), is something that is really rattling me.
Regardless.... a long weekend is ahead. I will probably post some miscellaneous bits and pieces tomorrow, along with a weekend post on the World monthly indexes.
good to hear from some of you this week...........have a great weekend..
and... goodnight from London