7:13 am PST. The wave 4 pattern is working out really nicely on the Russell and XLF. I had thought it was a wave 4, but then started calling a top when I gave up on them because of a couple of more minute wave degrees shakeouts lower. LOL. I live and learn. It turns out my wave 4 was right after all.

I think, though, that this is an ending wave 5 on all the indexes and the financials, which works in tandem with my thesis that the gold mining stocks bottomed and are now just doing a wave 2 retrace as the indexes make their final new highs. Once the market finishes to the upside, I think the money will rotate back into gold and out of the indexes.  Ironically, the money might also go back into bonds as interest rates retrace.