By Avi Gilburt, ElliottWaveTrader.net
This market has been difficult for both the longs and the shorts for months now. While it has been unwilling to break down, it has also been equally unwilling to break out.
What makes me scratch my head even more of late is that the Fed has come to the table with its “not-really-QE-4” of $60 billion a month. For those that remember, QE1 was approximately $100 billion a month on average, QE2 was $75 billion, and QE3 was $85 billion. But, to see the Fed coming forth with this type of liquidity injection when the market is hovering just below its all-time highs is a bit surprising. Yet, the market is still unable to break out.
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