A Similar View

The above chart was posted by Nadeem Walayat at http://www.marketoracle.co.uk. While my count is slightly different than his, it points to a similar view that a triangle is unfolding. In his view, it is a 4th wave triangle. In mine it is a [B] wave. While I have begun to doubt the [B] wave triangle interpretation per my previous post, it is still possible that a running ascending triangle is underway. This would be very bullish. In any case, we both agree that the current market condition is essentially a sideways consolidation that will lead to a much higher prices later this year.