Hi everyone,

heres a couple of charts to put into perspective the degree of bullishness in the stock market right now.

The Equity put call ratio is sitting right down at the peaceful bliss level for the last few weeks.

As far as I can see,

the recent jolt that the market experienced has been met with a nonchalant shrug of the shoulders.

Its hard to kill a 10 year bull market for sure.

But after rising for ten years, all this market knows is bullishness!

 

This chart shows total put volume on the CBOE.

Again the volume of put buying is at historic lows!

So there is no chance of a top any time soon according to option buyers...........................

Here we go!

DOW JONES INDUSTRIALS

1 hr

4 Hours

Daily


Easy come easy go!
This market has been a lesson in patience this last month,
that is for dang sure!

Todays new high opens up another possibility for wave [c] and wave (v) of [c].

A common relationship between wave [a] and [c] in a correction is for wave [c] to reach 162% of wave [a].
That level is shown at 25767.
This now forms our last best hope for a top in wave [c] of '2'.

I have shown an alternate count for wave (v) grey also,
this involves a possible ending diagonal formation.
Todays new high has fulfilled the minimum target for wave 'v' of (v).
Lets see how plays out tomorrow.

The market seems hell bent on paying higher prices for stocks.
So much so that that put volume has collapsed to match the levels of the all time highs in the market last October,
According to futures traders,
there is little to no risk in equities right now.
How did that work out the last time?