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Stock market turning points - are we there yet?

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6 hours ago, Mercury said:

Looking across most major indices it seems market tops and turns are in but for US large caps this is not yet clear.

Really?  I see a short-term consolidation before another big drop.  FTSE 100 looks like it's headed to 2016 lows.

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Does anyone know what the markets are going to do next?  No, me neither.  However I use my methodology to identify likely turning points and assess the risk against my long term scenarios (or road map

And the FTSE100.  My take big picture is that this index has already topped out and the July high was a wave 2 retrace so I do not expect a further ATH, that is for US large caps only (if at all).

Yes because they want you to keep your money invested.  That is how they make money so they have a vested interest in punters keeping their money in. Yes in a bull market but as soon as things

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13 hours ago, dmedin said:

Really?  I see a short-term consolidation before another big drop.  FTSE 100 looks like it's headed to 2016 lows.

Isn't that similar to what I said?  Only US large caps to make new ATHs (if they do at all).  FTSE100 and some others have already broken important support, I think they are on the way to 2016 levels and lower so same-same right?  Some are in no mans land and could go either way.  Overall I do not think we are quite there yet for the end of this extraordinary market phase.  Regardless of whether you look at it from an EWT, Dow Theory or Wychoff Theory perspective it all amounts to the same thing.  The only open issue for me is whether the current phase on US large caps is setting up a stronger relief rally (or new ATH) or is about to break down.  If the latter is true then the floodgates should open for a drop at least twice what we have seen so far.  If the former is true then we must wait for the next show to drop.  I am minded to favour the former rather than the latter based on US large cap price action.

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