What a day. The last couple hours is looking awfully
ending diagonalish. Hochberg/Prechter’s call, among others, that
wave 4 was over at the Jan 28 high and wave 5 down beginning is pennies away
from being summarily disproven in QQQQs and not far off from being wrong for
SPX and DJIA. Any squiggle up in NDX/QQQQs invalidates that one and
likely points to some more upside for the laggards SPX and DJIA to catch up
with NDX.
On the other hand, the ending diagonal ‘look’ to
today’s ‘triangulating’ action could simply stop there
without violating the beginning of wave 1 on Jan 28 and allowing the wave 4
triangle scenario to remain intact. Hochberg/Prechter could still claim
they had nailed the beginning of wave 5 and wave 4 triangulists could say that
they had it right; at least for the time being. But NDX, at least, can’t
squiggle up much at all on Monday or it signals a huge error again for us
Ewavers that called wave 5 beginning Jan 28 or beginning imminently with the
triangle’s end. It would also confirm a bullish upside break to the
triangle and indicate significant further upside. Again, to the chagrin
of the bearish Ewavers who say wave 5 is yet to occur. Oh the pain.
Feels an awful lot like the 2nd greatest two up
days in history (Sept 18 and Sept 19) that followed so closely a series of down
days including the infamous Sept 29. Ah, memory lane.