The bullish case is unraveling. Here are the reasons why:
1) Wave ((4)) has not overlapped with wave ((1)), invalidating the count on a short term basis.
2) I would have to rework the count to an even larger group of 1 and 2 waves which is unlikely to be accurate.
3) The current action is not consistent with a wave 3 at multiple degrees.
4) My proprietary indicators show sell signals on 119 stocks and buy signals on only 20 stocks.
I think this bullish wave count on the S&P is about to be busted. I am now looking for weakness in the stock market and will be looking for an opportunity to develop a bearish wave count.
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