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This could be another week for stock market history books, if the current wave count holds up.
The market may well be moving into a third of a third wave down, as part of a larger five wave movement off the highs.
If I am correct this time, then we can kiss good bye to not only the bull market,
but also world economic expansion.
And this time there is no government backstop left to tap into.
The banking system is going to go down hard, so will government revenues.
Expect to see mass nationalization of the banking system over the coming years.
There will be withdrawal limits on your accounts.
Lending for mortgages and investment will dry up.
Interest rates will continue higher for the long term bankrupting many people.
Unemployment will explode and so will angry and divisive political movements.
Real estate prices will collapse by 90%.
And cash will be king again.
All you have to do is survive, with capital to deploy at the bottom.
The bargains will be phenomenal!
Just hold tight and be ready, it's coming........................
And to wrap it all up in a nice bow:
Well what happened 18 years ago? that would be the Dot com crash I believe.
And not a word about the danger, or warning bells going off in the media.
Just all round laughter and shouts of 'BUY THE DIP'.
I can only shake my head and smile..............
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DOW JONES INDUSTRIALS
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I have altered the short term count slightly today to show a series of four separate impulse waves now complete.
This wave count could not be more bearish at the moment.
With the expectation being that the price will begin to accelerate down into a long third wave in wave [iii] green.
This has the potential to carry price back towards 22,000 again.
If wave [iii] reaches 161.8% of wave [i] green.
That is not something the market is expecting, thats for sure.
The price is now rallying in a three wave correction off the wave '1' low.
Wave '2' must hold below 25039 in this interpretation.
If that level breaks that will trigger the alternate wave (ii) grey as shown.
In the alternate case,
wave (ii) grey must hold below 25360.
The waves patterns are moving quickly now,
so either one of these interpretations in valid at the moment.
Tomorrow;
Watch for 25039 to hold and a return lower in wave '3' of 'iii' of (iii).
A break of 24366 will confirm that wave 'iii' is underway.
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