Major Market Nonconfirmation.
The 5 year anniversary of the NASDAQ Y2K top is coming up. This may be significant since 5 is a Fibonacci number. The markets are near the end of their rallies. Most, if not all, are in Elliott waves 5 of 5 of 5 that began in October '02. This is a major market top. The turning point is probably within the next 2 weeks. Stochastics are in or near overbought areas. In some cases moneyflow has been decreasing for nearly a year as those indexes climbed, a bearish divergence. RSI (relative strength indicator) is near or at the upper end of the range. The bear market that started in Y2K was only a large WAVE 4, a hint at what is to come. Half of the major indexes are NOT confirming the breakout to new all time highs the other half just made this week. Those indexes not confirming new highs are hovering around the 62% retracement level of the Y2K bear market, a Fibonacci ratio.
Making new highs
AMEX
DJT
DJ Composites
NYSE Composites
Russel 2K
SAP400
SAP600
Value Line Arithmetic Index
Probable truncated highs or WAVE B of their bear markets
NASDAQ
DJU
DJI
Russel 1K
Russel 3K
SAP100
SAP500
Wilshire 5K
