Squiggle count on the SPX:
Certainly the GDOW since the October 2011 low and the 2012 low are 3
wave correctives up. Just think about the implications of the wave
pattern on this GDOW. If the GDOW is in a series of (1)-(2), 1-2 down
since its 2011 high, THINK of how large wave 3 of (3) down will project
lower prices.
SPX weekly. Simple double negative divergence on the RSI with lessening
momentum and signs of rollover with contracting volume on a rising
market
within a wedge shape no less and obeying a 7.25 year cycle ellipse that is petering out:
A recipe for a historic and swift decline.
Whats worse is the still rising 50 and 200 DMA's will prove to be
unsustainable if a historic price decline occurs and likely be violated
with extreme prejudice.
A price drop under the lower rising wedgeline thereby obliterating the 50/200 may induce a panic bigger than 2008.
A closer look:
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