Outside of one missed call for the possibility of a more complex near-term correction, we've been on the right side of this market for the past two and a half months, and I'm quite pleased about that, because this has been a very strong rally that no trader wants to be on the wrong side of.
Last update suggested we should presume that bulls had the ball on all time frames unless proven otherwise, and that worked out well as SPX captured its next upside target zone:
Bigger picture, I've been convinced that we're in an extended fifth wave, and I mentioned a few times that we could actually see the rally accelerate in its later stages, which is exactly what has happened:
In conclusion, the nice thing about extended fifths (presuming that's what this is) is that they are "blow off" moves, so the rally should be fast and furious while it lasts... but more importantly, they provide fairly reliable retracements afterwards. So we should see an abrupt end when this does end, but we'll likely get one good retest of the prevailing all-time-high before it gets too serious about a reversal. Thus, we'll just hang with the trend until it ends. Trade safe.
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