I maintain that equity markets, represented here by the US SP500 index are about to turn around and fall hard. What I believe to be the final (!) (quite a statement!) squiggle higher, towards the top of the proposed 1320-1330 topping zone materialized today.
This hourly chart has the same count as yesterday.
Here I break down what I believe to be the final wave higher. I really struggle to see how this market can move any higher without a substantial correction first.
1 comment:
"I really struggle to see how this market can move any higher without a substantial correction first."
Top picking in a QE-dominated market has been a dangerous pursuit for many, many months.
However, aside from technical divergences, the Irish elections and US debt ceiling debates are rapidly coming down the pike.
The market doesn't like uncertainty. Maybe these issues are close to being hammered out behind the scenes, but I suspect that there's a good chance for a bout of more than minor hiccups kicking off in the next couple of weeks.
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