Not having the time to research and link all the sources that support this assertion, it would seem common sense that if you tabulate every Local, State and Federally owned mutual fund supporting retirement plans, investment vehicles and other such entities that you could actually make the case that the "government" owns 60% of the market or more. That would lead one to believe that the "government" with its crony friends at the Federal Reserve and Major banking institutions could thereby "control" the market and its direction.
But the last I checked, government was made up of humans with human frailties and foibles just as everyone else. There are literally thousands and thousands of fund managers for all these various government-owned market slices and they make their own decisions at every level.
So how could a Primary 3 Elliott Wave (or P3), the most viscous bear wave down ever, be thrust upon the market if all this "control" refuses to cooperate and sell? They will sell. Budgets at every level are being ballooned and busted at an alarming rate. None of the budgetary problems have been fixed. We merely doubled down with debt as a nation at every level to keep the train rolling.
The national debt at all levels is like an escalating Ponzi. And ALL Ponzis collapse. ALL of THEM. Some have the power to keep things going for decades (US Treasury) however that inflection point is coming like a freight train in the night.
The main point I am trying to make is that government fund managers, at every level, in an interest of raising cash and salvaging their budgets and pension obligations WILL sell in an effort to beat the "next guy" and that next guy includes other government fund managers. They are human. They will feel the fear just like everyone else.
I actually think that the fact that "government" owns most of the market GUARANTEES its eventual collapse into a nasty P3 bear wave of epic proportions. With competing budget problems it will be a race to jump ship in an effort to salvage what they can and let the next guy eat the losses.
P1 prepped us for P3 in a sense. They will remember P1 when P3 comes and this time the selling and fear will be even more intense.
When will P3 come? Hopefully not for many months. I kind of like the social mood on an upswing mode. But when they declare this bear "dead".....you will know P3 lies around the corner in waiting.