And not to cloud this with fundamentals, but it's difficult for me to see how we'd get a further 5th wave from SPX when transports, NDX, Russell, and precious metals seem to be finished with their upward impulses.
Your ideas?
I'm no Ewave expert, but I know the "look" of good wave patterns, I guess.
The way I see it, the Naz decline is definitely corrective. That means new highs there. The Russell is in a Bear, but it is due a nice corrective rally. Both those can fuel a nice rally in the S&P. Precioius Metals probably won't hurt the S&P if and as they correct. Weakness in the Oils, however, will, so that's a worry.
I'm thinking that the pumped liquidity is going to find it's way into the market, but it's not going to trust the secondaries. Thus, they'll lag and the big caps will lead. Watch out if things start looking "rosey".
Mark
