Some idiot has to step out there and do it. So let it be me. Chart can be viewed here. While you are there check out the weekly and daily indicator charts. I know I am taking a risk in this manipulated screwed up market, but the weekly and dailys are there.
The market action over the past couple of weeks has been different to say the least. I believe the banks are as done with their deleveraging pump and dump as they can be (the ones left out at this point are toast IMO). Timmay, Ben and "O"binhood may get me in the behind with a few last surprises, but I don't care anymore. I've begun moving things to cash and setting protective measures. I am not buying short just yet. This is not a wholesale move, but the beginnings of one.
The EWTers have several opinions and I keep seeing P3 showing up as one. Here is my opinion (yes I have one believe it or not) on that - This fall will either be a large retracement to the 800 - 767 area or the big one (Lizbeth! I'm comin.) We'll have to see how it is forming around 800. IMO the banks either have one more quarter of manipulated earnings in them or they are toast. We'll have a good grip on it when we get there.
When we get near the bottom pay close attention to the EWT count. If it looks like a 3 could show up be prepared cause it's gonna hurt. The best places to watch for all of this action are at Kenny's and Dan's sites.
For those looking for the 200dma touch, bless you. You may get that touch, but it will be at a lower high as it continues its decent. This may drag out the fall another few weeks and the touch will occur as the waves play out, but alas at a lower high. IMO it will take a whipsaw in the dailys to make this happen and the weakness in the 60m moves of late might not have the strength to pull that off. I have been on the 936 - 955 bandwagon, but I just fell off. This top call may be premature (not that kind of premature), but it is what I see and feel.
This is my opinion and you need to do what you do best. Don't take my word for anything. This thing could shoot to 1050 next month (and frankly it would not surprise me if it did). IMO this is "their" last shot a saving America as we know it. They've thrown everything at it including the kitchen sink. Has it worked? Well it has slowed down the deterioration of this great nation, but IMO it has not really fixed any problems (in fact they may have dug the hole deeper if possible). If you don't like what you are reading here, you can go listen to the green shoot discussions on CNBS, but don't come a whinin back here. I'm covering my ass.