Well, there are a lot of impulse counts upward in the S&P500, of course. And nobody wants to show you the skeleton in the closet: the Dow Jones Industrial Average. Why it's more like the movie of Arsenic and the Old Lace. These bones are rattling.
Here is a chart of the DOW we posted today during live chat.
|Downward Overlap in the Dow Jones Industrial Average|
So, we won't show it that way! Period.
Now, some people claim the count is really 1-2-i-ii with wave 3 upward about to spring upon us. Well, that may be .. or well .. that remains to be seen. There is certainly no clear evidence to support such a view at this time. It's a bit like betting the old biddy hasn't spent her purse out for a night at the local casino. And that's not our approach to counting waves.
One other thing we note: just like at the Primary III high, the Dow made a picture perfect 1.618 extension of it's Primary I wave, while the S&P traveled a few percent beyond it, here we see the Dow never exceeded it's C = 0.618 x A relationship, while the S&P 500 crept a few points beyond it again.
Stay tuned. Things are getting interesting!