Note To Bears

Futures are ripping higher, right where they shouldn't if the market was ready to break down. So again, the rising wedge scenario gets dusted off.

Getting above 1835.07 today on the cash S&P index would close off the "official" bearish wave count which I keep an eye on (though increasingly I'm wondering why). Friday should have been a very scary day and the carnage should have behind a very scary, bearish set of waves, yet it's nearly impossible to count an impulse from it. The action in the futures thus far is more icing on the cake. Getting above Friday's high might well be the last nail in the bear's coffin for the time being.

Could another low occur even if 1835.07 gets exceeded? Of course. But as long as the February low (1737.92) holds, the market can retain a wedge structure and continue to new highs.

Note to Elliott wave bears: try not to be so bearish that you only see a bearish scenario day in-day out without an alternate count if you're wrong. This post is wrong below 1737.92.