<<BKX...... My favoured bull count is that the action since the March 2004 orthodox high was a perfect Elliott triangle..>>
May be an Elliott triangle, but perfect?? Tops of presumed B and E, last Dec and July, far from conforming to any line..I suppose that can be tolerated, but kinda raises some questions, doesn't it.??
The E falling below C is supposed to be a fairly common occurrence, so guess that's OK.....
In any case, agree looking pretty bullish here...Among other things, BKX has far outpaced the broad market in the advance from the lows of a couple of weeks ago...Would normally want to see break of last DT line from the last the Dec high, but cousins IXM and XLF have given us that,,,,and assume BKX can follow suit.
I already posted you.. yesterday.. about the stellar performance of cousin (big brother ??) XBD.
If this triangle theory is right, we'd be looking for some whopping gains in the financials.......(I'll try some measuring later....g)..... which would have to have...I would think..... some big repercussions in the rest of the market...(That 11,500 Dow I posted yesterday might not be so fanciful...g)...Also....would raise some interesting questions re direction bonds/interest rates.... |
