Bulls Have Been Unstoppable

There has been no question to us that the broader market trend is quite bullish, has been for quite some time, and we expect it to continue for quite some time more.  However, the question with which we have been grappling of late is where the next “pullback” takes hold.

For now, the market seems to be powering forward in wave (3) of wave i of 5 of (iii), as we build our rally to our next higher target in the 2400-2440SPX region.  Ideally, I would like to see a day or so consolidation in wave (4) before completing a wave (5) for wave i of the start of the rally to 2400-2440SPX. 

While my alternative count is still viewing this rally as a d-wave in a running triangle for wave 4, as presented in yellow, clearly, the higher we go, the less likely this becomes, especially if we complete all 5 waves for wave i later this week.

So, for now, I remain quite bullish in the larger degree, but still question how the next pullback does take shape.

1turnchart
1turnchart
Avi Gilburt is founder of ElliottWaveTrader.net.