The McClellan Oscillator has confirmed the reversal I anticipated in the last post. More importantly the 10% Index has again gone above the +500 level which indicates the market has farther to go on the upside.
We are a tad overbought here but it appears to me the market is crashing up.
What I mean by this is that it is doing the reverse of what it did in 2008 when the 10% Index kept penetrating the -500 level and the decline persisted after all attempts to rally. In my opinion the opposite is happening and all the forthcoming pullbacks should be considered as shakeouts.
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