This market is sitting under the sword of Damocles. It is happy gorging, laughing and partying and refuses to look up at the sword that is waiting to come crashing down. I think it will fall and it will fall this year. That over now to the charts…
First The SP500 Elliot Wave chart of the Entire Rally
Now a close up of the last waves (It is either over or needs another push up to 1155 – 1160).
Trading chart on the Russell 2000 (Continues to push against the top of the exhaustion Zone)
Trading Chart on the XRT (Continues to push against the top of the exhaustion Zone)
Long Term Dow Industrials
Short Term Dow Industrials (has tried 3 times to get back into the Bear Channel – 4th Time should be the treat)
Long Term SPY
Short Term SPY (imitating Icarus)
Long Term VIX (Waiting for it to return into the LT Channel
