CLIFF NOTES: we are up almost 3% above the PATTERN that completed from the all time low on the transports some 46,000 ish days ago. Is that statistically significant? Well, I honestly don’t know. We do have the 1.618, 1.68179 (musical note F#) and the 1.732 extension targets that are being played with …so, my “line in the sand” so to speak will be the 8050 level. IF WE GET A DAILY CLOSE ABOVE 8050 THEN THIS PATTERN HAS FAILED. Again, this pattern is 46,000 days “old” and SHOULD be massive resistance. Not calling for a crash or anything like that but it certainly should pause it. And, let’s take a look – no swing low has been broken and it just keeps on “trucking” so to speak. (pardon the pun)
here is the post w/ the chart: http://bartscharts.com/2014/04/01/the-most-important-chart-in-my-lifetime/
I do see a 5 wave sequence coming into play so we’ll just have to wait and see …
