The goes way back to the 1987 crash. It just seems right begining there at the time the Ronald Reagan PPT were set up for manipulating the market.
Looking at the RSI:
It has reached a reaching back to 1995. It is though the 3rd time around and it's at the level so...
As always ....time will show!
Music at work: https://www.youtube.com/watch?v=lpVUAYCBJR8
Yes I fully agree in your statement:
"These RSI readings indicate that just about everyone is in, that the supply of greater fools is very limited.....
We will see some chop here but first indication of a beginning trend reversal will be breaking the smaller shs with neckline around 1800 Then next step on the way will be to take out 1793,71 (EW - wave 1 violation), 3rd step will be breaking the potential bigger shs with neckline around 1776 around. Then we can have some more confidence in the bear wakeup from hibernation (See my draft underneath on a 1 hour SPY chart).
But!!!!! It aint over till the fat lady sings...so until then: http://www.youtube.com/watch?v=Mwm1H0dxAKY class='embeded-image'>
We have to keep an open mind and not lock ourselves into a bear case before the banksters are ready to let it drop. I made the chart underneath to the comment:
The smaller shs is in but the EW step 2 has so far mist in confirming a possible reversal of trend.