Wednesday, September 9, 2009
Bigger Picture Proves Rally is Just a Bear Market Pop; September 9, 2009
With the market not following the wave 3 collapse model as it should, it seems the market still wants to chug higher to new highs, just as the Nasdaqs did today, I want to keep the bigger picture in perspective. On top of optimistic being at extremes higher than what they were at the 2007 market top, also notice on my daily S&P futures chart that volume during the entire rally since March 6, 2009 has been on decreasing volume. This is textbook characteristics of a bear market rally, and NOT a new bull market. So even though it's been very difficult calling the absolute top in this market, numerous indicators in the big picture strongly suggest that this entire rally will be completely reversed, and most likely it will be done much fast than it rallied.
I will post anything new that develops regarding when the wave 3 collapse begins.