Fibonacci, time and price including Dow 10,000 bring equities rally crest closer to focus

Party hats are on today because the Dow Jones Industrials notched 10,000 - again ...! Notice it closed up 144 points - itself a classic Fibonacci number! Speaking of Fibonacci, the S&P 500 got slightly over 1093, very close to the projection made by Tony Caldaro (at his OEW site, see list and updates feed at right) for the rally to crest out at 1096/1097. But did it have to get so close, so quickly today? Maybe so - separately, Terry Laundry in his T Theory updates (referenced in my posts here, and site in list at right) projected the time window for an "important top" as October 12-14. Today being 10/14, we've got to think about the answer to that Clint Eastwood movie question - do we feel lucky?! Further, the QQQQ today touched $43.29 which technically was right on its Fibonacci .618 retrace line (retracement to the 2007 peak). This has been shown for some time on my QQQQ weekly chart (below). The QQQQ already stumbled after touching $43.17 intraday a while ago. Now we must watch to see if it spends a day above that level about $43.29/43.30, and in any event for a topping pattern that would confirm whether the rally is finally cresting.

Further speaking of Fibonacci - Tony Caldaro (see his update this evening) is saying that both the US dollar, and the euro, hit his Fibonacci targets today. I'm not certain his Fib targets are the same as mine for the dollar, but I definitely respect his work - so we must respect the potential for a significant trend change for these currencies now or very soon. Given recent market relationships, dollar strengthening should be another bearish factor for equities. Now - Tony's wave count indicates higher equities prices still lie ahead - so let's see (I kinda view the wave count differently but he's the expert and it's pretty close anyway - plus I'm using price levels too).

Given these numbers at this time, the likelihood of the rally topping now or quite soon is more in focus now than it's been since March. It may still have a bit of time, if Terry's time window can extend a bit. But the .618 retrace alone is also good reason for traders to draw in their bull horns. Go ahead and party on Dow 10k and toot your own horns, but start giving the bearish furry side of yourself some more leeway!