Robert Prechter said it best in his latest Elliott Wave Theorist:
"I am not sure I have ever seen the technical condition of the market look this immediately bearish."
He was referring to having so many markets and indexes providing non-confirmation divergences at many degrees of trend and on many timescales.
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Back to the markets. I have never seen a bearish wedge potential as large as we have right now in the markets even if the indexes DO NOT confirm a "higher high", the wedge is there regardless. It is in place. Unable to confirm a higher high makes it even more bearish.
Technically, the internals "match" what we'd expect in a wedge. Each up leg of the wedge sports lessening momentum measures. We could even expect to see sentiment measures diverge at the top. After all a wedge is "heavy" price action when looked at in context of the overall wedge. So sentiment does not need be the most absolutely exuberant at the top of the wedge. In fact I would expect it not to be.
The S&P500 sports a lesser RSI peak, OBV divergence, a declining advancer vs. decliner, lesser overall volume just for starters.
NOTE: SPX count shown as a triple zigzag in this chart.
Ultimately the Wilshire 5000 is the final arbiter in my view. Note the subwaves seem almost finsished.
Conveniently the NYAD count looks "finished" with the end of the wedge in the markets. And yes the NYSE sports a double negative divergence. Are both a coincidence?
Long term INDU count. REMEMBER NO MATTER IF ITS PRIMARY WAVE  OR A CYCLE WAVE B OR X ITS ALL THE SAME - A BEARISH "THREE" SINCE THE 2009 LOW.
Even Apple has lost its impulsiveness despite a new high. Looks almost like an expanding diagonal triangle at the moment.
More and more likley does the market look like its setting up for a major crash that will dwarf 2008. If this is a WEDGE, a crash is almost assured since wedges signal exhaustion in price action.
After hitting above 1200 SPX in April 2010, the market has managed to add a mere 200+ points in 28 months. And people call this a bull market? Thats 7 points a month since. Yet the market psychology is more than ripe to take it all back and more in a flash. Trapping as many investors as possible is what wedges can do.