http://stockcharts.com/h-sc/ui?s=$SPX&p=W&yr=2&mn=0&dy=0&id=p69143808658&a=252013707
We have previously remarked on reasons no crash was imminent — that the present wave structure is not characteristic of radical counterwaves. Above is another technical reason that no major correction appears to be in the wind. That is, the relationship of the wave to the important trendlines.
Tell all your bear friends (and all those talking heads on Marketwatch) you can’t have a major downwave without breaking the important trendlines. And you can’t have a major bear market without breaking the Basing Point stop line (here 1398 calculated on a daily Basing Point).
And as Rumblestilskin (the famous Iraq war architect) would say there are the unknown unknowns that we don’t know about. So we refer our readers to a very interesting economic analysis which reflects our recent thinking. Instead of knocking it off, or engaging all three gears of our brain to replicate it we’ll just furnish a link to it.