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Howdy all.
I hope the day was good to you.
We are right in the middle of another week of ominous market action.
The western world is happy and oblivious to the horrid undercurrents developing.
GDP is rocketing higher.
Unemployment is at historic lows.
Asset prices are strong.
Investment opportunities are popping up left right and center.
The economy is peachy baby, YA!
And yet, the market is perched on the edge of a precipice ready to dive off into the unknown.
Remember;
The market leads the economy, always has, always will.
There will be no sign of recession until the bear-market is already well underway.
And economic indicators always look AWESOME at the end of a trend!
Lets get down to business,
because the bear is crawling out of his cave and stretching his claws as we speak!
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S&P 500.
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The market is selling hard into the close this evening.
The price has now broken the previous wave '4' low on the 4hr chart at 2691.
That low was set last June.
And that low is my bear market confirmation point!
So;
As is stands,
I think the bearmarket is now underway according to this wave pattern.
We have yet to see a correction in wave [ii] complete.
Wave [ii] may be tracing out an expanded or running flat.
This allows wave (b) to create a new low.
And wave (c) should correct higher tomorrow into the 2750 area.
Tomorrow;
watch for wave [ii] to complete at about 2750.
If the market continues below 2650, then I will switch to the alternate count.
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