Too much time on my hands today and been reviewing the EW count. Given the slight new high, there is a very real possibility we have an big Expanded Flat going on here. All this chop chop since 1.3171 in September gets me to thinking that my 'b' wave up before 'c' down thesis, in big 'B' before big 'C' to complete the 'E' leg of the triangle since 2008, is on.
I have been playing with this over the last week a bit too much, but the SMI cluster is intriguing me. The blue 'weekly' SMI is in a high relative position to prior highs and the 'in-between' SMI's are all in a waterfall position, if the market so chose to take advantage. Those in-betweeners may just fall, leaving the weekly in position, but any strong rise would surely benefit from a reset, at the very least.
As I have been stating for a few days now, I just can not go long with this thesis perfectly possible.
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