see chart. Right shoulder completion re RSI is very possible. Plenty of room for that. also descending neckline, much worse omen for sure. And then the HS rule... direction into the HS (UP) is the opposite direction out from it (down). Measured rule is yellow arrow, and would be same length after right shoulder completion. Heard today CNBC survey says we will finish the year between 2100 and 2300 on the S&P, really? It is like many things about the US now, if we say it, it will come to pass. Euphoria run amuck. Really? Wow, masters of our own destiny. Who knew? Just say something to make the market go up, and it does, like magic. The economy is a fickle complicated beast, and to tame is is to be the fool who thinks they can. Artificial inflation, the last of a long line of artificially inflating, easing, regulating, stimulating a supply and demand based economy that is no more by that name. Now if someone creates a new tech gadget, whether the public likes it or not, marketing makes us like it and want it and buy it. Whatever this economy has become, it is not sound, and it will fall, one day, soon.
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pedroscott
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There's too much going on here for even Dr. Fed and the EZ Money Band to cure. We have been there before, though, but the complexity and depth of the global economic problems does not seem susceptible to the same quick $$ injections as in the past. Jury's out but......