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Originally posted by surrealist
Well the market grew because of great economic fundamentals, you know? It is now falling because of deteriorating funda..... wait!
Oh that's right, it's falling because of Fed Reserve announcing it will wind down its monetary policy and end it next year.
Something is with this picture.
Personally I just think the market is adjusting to the Fed Reserve announcement, ...
Originally posted by CosmicCitizen
We are at a major crossroads...in the big picture we are making a Major Top and the target will be the 2009 lows (666 area S&P500). However, it is unclear from an Elliott Wave perspective if the top is in or if this is the final correction before the final top. My opinion is that the price high is in but that the orthodox wave count is incomplete (due to the corrective wave fr the 22 May high which is likely an "A" wave and this last drop the "C" of an ABC). The key will be whether or not we hold the 1530 area (SP). My expectation is that we will break it and then trace out a failed wave 5 up before the real collapse. Make no mistake tho we will be imploding before too long (after this top is either completed or confirmed) and may even go down to the 450 area before it is all over (first a major short covering rally from the 2009 lows).edit on 22-6-2013 by CosmicCitizen because: (no reason given)