Cup & Handle Patterns Nearing Completion

Many indexes and ETF's look to be completing their cup and handle patterns. When that happens, which could be within a week, there will be upside fireworks. I have posted a Gallery View for each index or ETF.

http://stockcharts.com/freecharts/gallery.html?%24INDU
http://stockcharts.com/freecharts/gallery.html?s=%24SPX
http://stockcharts.com/freecharts/gallery.html?$MID
http://stockcharts.com/freecharts/gallery.html?IWP


As a bull, I feel acutely aware of the possibility of an irregular B corrective wave that surpasses the old all time highs. That is an accepted tenet of standard Elliott Wave Theory,at least as I know it. That may or may not be the case for OEW. Tony is the final authority on that. Possibly it is an OEW principle in the process of mutating. I am not a aware of an RN Elliott or Prechter-Frost defined limit to the height of the B-wave above the previous ATH’s. The farther above the
closing SPX high of 2130 and the intra-day high of 2135 it goes, the less likely it is that the price movement is just a B- Wave. Above a closing high of SPX 2200 is where I would say that the irregular flat corrective wave theory loses 99% of
it’s credibility.