What looked like a forced count, another one of those, bear-with-me, it's a leading-diagonal, it's only retraced 98%, it's still a legal wave 2, trust me here ... counts ... well, after all of the broken counts and disappointments of the last 5 years, Daneric just nails it.
The rally -- yes, a wave 4 that retraced almost 70% of its wave 3 on the SPX -- indeed DID stop short of the wave 1 he had counted at 1978, and was thus legal. And today we got the follow-through.
Well, bully, Daneric! I only hope that my acknowledgment here doesn't send us to fresh new all-time highs. Indeed, maybe this count working out (so far) finally confirms a new bear.
I still think we can reach support at the 200 DMA on the SPX this week, if we are in a 5th wave that is set to extend. The triangle we drew today indicates a wave 4, sure, but we then notice that the wave (i) and (iii) in the series did not extend, so we could see it here in the 5th, with an expected bottom on the Bradley turn Thursday.
There is then another Bradley turn next week, which would mark a kissback to an old rally channel and the beginning of the drop to 1737.