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Stock market turning points - are we there yet?


Mercury

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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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