I continue to see extensive evidence this market is closer to top than many believe. Numerous foreign indices and many US sector indices are simultaneously up against strong resistant CV's and have clear EW patterns that are complete or very close to it.
I have posted many with A-B-C corrections against the 08 crash. Also various corrective patterns ending in Terminal Impulses.
Also there are many that topped out months ago with Wave 1 or A down in and are completing there Wave 2 or B up and many are extended meaning they took out high but these are phoney and classic bull traps. Also I am finding many combination corrective patterns. I can show you numerous examples from the Bush cyclical bull 02-07. These patterns are quickly and heavily if not completely retraced.
I was having a Coke and thought hmmm I haven't looked at KO lately and my eyes kept staring at this example of a complex double zig-zag correction with a diametric X-wave. Diametrics either look like a diamond or a bow-tie.
Corrections also channel nicely, true impulsions do not that's why this whole move up is FAKE bull shit market!
It has fallen out of the channel and as is often the case forms a head and shoulders.
If market as a whole is showing definite reversal signals safe to enter on top of neckline, if not best to wait for the break and hope for the pull back which almost always happens.
Note the second zig zag A-B-C is smaller but exact .62 of first!
I am here to prove EW is real and applicable to timing and trading markets. It took me 12 years to reach my level of understanding. One thing that is critical is looking at the BIG picture and having defined wave counts on foreign markets, currencies, bonds, commodities. One must pay a lot of attention as leading and lagging patterns decipher what is happening "under the surface".
Time will ultimately be my judge!