It was the 18th week in the weekly cycle as we finished 2017. We thought the market would take this opportunity to create a little correction as the previous year’s high (also the current weekly cycle high) is a pretty tall order to overcome under normal conditions. But the market condition is anything but normal, the 2017 yearly high was taken out on the 1st trading day in 2018!
Since the 2017 yearly high (also the weekly cycle high produced on 12/18/2017) was already taken out, we have to alter our cycle count. The 5th weekly cycle was finished on 12/29/2017. The correction that we were looking for will no longer occur, unless it makes sudden U-turn and take out the S&P 500 low at 2673.61.