Langoliers. Long bond yields pulling the short up is one possible outcome as I have been postulating for many months. We may be reaching a point where that happens and short term rates jump and cause a bit of panic. So my theory will be put to the test. Bernanke holding down short term rates? The market is bigger than the FED.]
The bigger picture:
Some powerful Fibonacci wave relationships are occurring with today's new Wilshire 5000 high.
Today's peak of 13770.32 is where proposed Intermediate wave (C) = .614 of wave (A)
Also today's peak is where Minor 5 within (C) is 99.4% of Minor 1 using Minor 4 orthodox price. Seven more points and the ratio would be a perfect 1:1.
Proposed (A)(B)(C) waves:
Proposed (C) wave:
Proposed Minute [v] within Minor 5:
And prices have now just barely edged into 2007 territory after 22 months of rallying.
The proposed extended (v) of [v] of 5 on the SPX.
Eventually the NYAD will break under the long-standing channel line. Will that be real bad for the algo's? I don't think anyone can say for sure at the moment.
And for those who think I may be rushing things still too much, here is an alternate count that allows more time flexibility and a "surprise" final move.
TOP ALTERNATE COUNT: