The markets have gone a bit '4'. (I think the EuroDollar is maybe in a four also, WTI is certainly sitting at wave four price point)
Wave Four KeyWords: Disappointment & Confusion - there is plenty of the latter.
Labelled as I had is yesterday I was sure it was over: now I'm not. I THINK one more leg down, to complete a 5 wave move. What I'm most sure about is because of the way it is moving that was not the top. It just don't look right. No clear & distinct motive wave pattern down, & not yet (with qualification) lost the broader uptrend. A trend is not over until the is broken.
The way it is moving is 3 up, with 2 motive looking waves down. It might hit 1977. The key shape seems to be roughly a of sorts.
Frustrating? Yep! The number of times I'm like, ffs, make up your mind!
3 key 'events' next week: (1) Fed FOMC etc 17th (2) start of EU 'QE': first 18th. (3) Alibaba also 18th (largest tech ever), (not S&P listed) but I'm interpreting it as maybe injecting required irrational exuberance to lift markets to a new high. Something it would appear has to break the interim sell off & provide the final whoop-whoop!.