Friday gave the market a good rally to be happy about going into the long weekend... for bulls and bears. For the Bulls, it confirmed their already bullish sentiment that the market is moving to new highs. For the Bears, the rally produced the last wave necessary in terms of Elliot Wave completion for the the impulse that started on 1 Jan.
Scores as of Friday:
Below are 4 hour charts and 1 day charts of the DJIA (DIA) and the S&P (SPY). I've outlined the Elliot Wave patterns with yellow dashed lines. It is pretty easy to see with the Heikin Ashi candles turned on. This suggests that the decline that I've been talking about for so long is probably here.... probably. I've seen EW theory be blown out of the water more than once, so it is by no means a sure thing.
Next week.. declines.