it appears Bank of New York is heading for new high. For the very very big picture not shown here, we can see that from its all-time high printed in 2001, BK has only declined in a very choppy overlapping manner highly suggesting it is a counter trend move telling us eventually BK will move above 62. Now the question is are we going there right now or we are going to keep riding a roller coaster for many years before taking off for good ? I just don't know.
So let's rather focus on the very short term picture as it is very clear, one more little push above 48 to end a nice impulse wave from 39. We see it as part of a larger impulse wave that requires a series of 4's and 5's wave before we call it a day. Therefore once above 48 some kind of correction will emerge. Again, it should be shallow but just be aware of the alternate count that calls for a more bearish scenario once current rally is over. It is absolutely possible that at the 2015 high we started a contracting triangle and in this case it would be perfectly asymmetrical. So it is a possibility we have to keep in mind.
Markets are patterned but they sure don't come with the labels....Just trade accordingly.
So let's rather focus on the very short term picture as it is very clear, one more little push above 48 to end a nice impulse wave from 39. We see it as part of a larger impulse wave that requires a series of 4's and 5's wave before we call it a day. Therefore once above 48 some kind of correction will emerge. Again, it should be shallow but just be aware of the alternate count that calls for a more bearish scenario once current rally is over. It is absolutely possible that at the 2015 high we started a contracting triangle and in this case it would be perfectly asymmetrical. So it is a possibility we have to keep in mind.
Markets are patterned but they sure don't come with the labels....Just trade accordingly.
