Prices advanced for the second straight session as the current upward movement completed its 12th trading day since its last low on October 9. Today’s diagram shows the three completed steps of this year’s bull market. It reveals these intervals becoming shorter, declining from near thirty days at the beginning of the year to the last complete wave on October 9, some 15 trading days.
Should this trend continue, then the current price advance will continue for three more days.
So far this year, gains on the positive side run considerably above the losses on the following decline. Prices increased by 7.4 percent and fell some 4.9 percent in the first wave. Gains on the following segment came to 8.6 percent whereas they fell only 4.6 percent in that decline. The 5.8 percent increase of the last complete cycle also exceeded the following loss of 4.0 percent.
At this point, some 12 days into the current upswing, the S&P500 has added 6.3 percent.
DJIA .39 percent
NASDAQ .37 percent
S&P500 .44 percent
