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5 wave pattern 10/20/17

What distinguishes this melt-up from the previous ones though is the complete absence of any real volatility, bi-directional price action or actual price discovery. 
 
This is the first time the central banks have literally managed to 'kill' the market, and in that sense at least, things really are different this time. 
It sure makes it harder to predict how long this melt-up will last. 
 
For example - imagine if the Fed does a quick 180 (certainly wouldn't be the first time) and instead of reducing their balance sheet fires up QE 4/5/6/7 instead..... 
Where will we be then? 10/20/17