The folks over at Elliott Wave International published a chart on their Friday update which I like quite a lot, shown below:
And this is where the real question for me is – – – will the market (a) not see the highs from June at all again this year, tumbling from these levels, as suggested in yesterday's post?; or (b) stabilize somewhat around 800 or so on the S&P, gain strength (for God Knows What Reasons) and finally push up to the ~1,000 level, and then really fall to pieces.
I really wish I knew, because when the S&P does get to around the ~800 level, nothing's going to matter more to one's trading success than picking the right train! If it's (a) and you choose (b), then you're going to miss out on the fall, and if it's (b) and you choose (a), you're going to get badly damaged, just like the March-June period from 2009 as well as 2008. Grumble.