It's possible we aren't done with wave 4 yet... which works better for a lot of reasons. If so, the target for wave 5 may be lower than previously thought, possibly in the 900's.
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Key Levels
Upside -- 1200, 1241, 1276
Downside -- 1180, 1174, 1152
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SPX Daily;
There's our old bear flag and there we are with a printed DOJI right at the top of it.
We'll see what happens now. Breaking through the top or bottom of this flag will determine which EW count is potentially the correct one.
Like I've been saying though, this area is a field of landmines.. don't play in it.
Still looking to buy the low 1000's.. potentially 900's now.. or scale in short above 1240.
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Meanwhile in Europe..
Seriously.. how many of these ridiculous votes and meetings do we have to endure before they just let the chips fall where they may?
You just can't bail out these problems.. nor will austerity fix anything.
If you dont have enough tax revenue to pay for your shit, then austerity is just going to lower your GDP as government workers lose jobs and take pay cuts, resulting in less tax revenue to pay for your lower expenses.
The only question is how long this drags out until ultimately the banks are forced to mark down all the soverign debt they are holding and the fireworks go off. The other question is how much worse they make it in the process of dragging it out.
Sounds a lot like what we are doing here in the US eh?
How many more years of 1.2 trillion dollar deficits can we run? What happens when we rip 800 billion or more of government spending out of the economy?
The world is a giant debt bomb. I fear what things may be like for my 2 year old son in his adulthood.
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Looks like Alcoa had a bad quarter and the Slovaks are making more bailouts difficult. We'll see what tomorrow brings in the landmine field.
GL
CJ
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