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We are one week from the 3 year anniversary of the March 9th 2009 stock market low of 666 SPX.
The Wilshire weekly sports a red Doji candle. Slow stochs are flattening. Tired?
The channel line from December was breached today on the Wilshire5000
A zoomed in look at the same chart looks like a backtest on the broken channel.
Wilshire 60 minute chart. 2011 high still intact.
Transports were down today.
GDOW is again showing an excellent Elliott form. I have no idea why people are bullish in consideration of this chart. Do they really think the United States will escape Europe's self-destruction? The ECB is leveraged at 36:1. The Fed no doubt is leveraged just as much as is every Central Bank.
If the tide goes out - even a little - this leverage will expose itself in an ugly way. Remember how Bear Stearnes went bankrupt when only at wave (1) down in March 2008? The tide had only gone out a little and boom.....
Ron Paul is correct. The Fed will self-destruct. The real question is which central bank will self destruct first? Japan? Bank of England? ECB? Fed?
All eyes have been on ECB and FED the past year. England has been quiet. I think its time for the Brits to get in the spotlight. Call it a gut feeling.
Little wedge at the end?