Not much to add at this point. We are awaiting - for a long time now - on a more definitive wave count. Either the market makes a new all-time high, or it doesn't and makes a lower pivot low thereby helping to confirm one count or another. The Wilshire peaked in June last year almost a year ago and has some work left to make a new all-time high. The primary count is that it will not make a new all-time high. We have proposed this many times in the past since 2009 and yet it always has eventually made a new high. Will it this time? If you go buy measures such as the NYAD advance/decline line it will make a new high. If you go by other measures such as sentiment extremes long term in other areas maybe not. It is not cheap by any long -term measures.
Thursday, May 26, 2016
This chart and count predicts the markets will take a big crap downward pretty nearly immediately. And hence they probably won't.
June 2016 is the peak month for Robert Prechter's (founder of Elliott Wave International) 7.25 year cycle (March 2009 being the start point for this current cycle) he has been tracking for many years. But instead of a low, it may turn out to be a high. I remain patient.
Remember, that which cannot go on forever, won't.
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Posted by Daneric at 4:58 PM