rose to an overnight high of 15918.60, less than 14 points from the all-time high. One of the Elliott Wave rules is that Wave (2) may retrace up to 100% of its decline from July 19, but no further. At this moment, there is no alternate structure, as today is day 247 if the Master Cycle beginning on March 13, within the “turn window for this Cycle. The current retracement is 94%. This rally has been a mighty short squeeze that has turned into a buy fest for those on the sidelines. Are we due for an ? remarks, “Now it beginsInflation is dead and rates will be cut. Hurrah! The flow picture is very supportive with buybacks, CTAs, and fund inflows. Double hurrah!! So now the new bull begins…?No, now it endsNow is not the time to go max long. We would argue that this is not the beginning of a new bull market but rather the end of a short-term squeeze. We are in the beginning (let’s say 1st or 2nd inning) of a top formation. We are more than 50% through the buying mechanics that has propelled equities >10% higher over the past few weeks. Too early to short but way too late to increase longs. Lets examine.”
More By This Author:NDX Futures Consolidating SPX Futures DeclineSPX Futures Rose After A 6-Day Decline
NDX Futures Rose
