Today is just a small taste of what things will be like if and when the Big Turn happens. Everything is in play today.
China raised collateral requirements. Shanghai Composite cratered over 5%. Athens fell 10%. The yen is stronger (after just missing a multi-year Fib target by mere pips), the Nikkei tanked, Europe tanked, oil is up, gold is up, Treasuries are up in price and yields are lower.
Some of this may also be due to a WSJ article by Fed-watcher Jon Hilsenrath that hinted the Fed may drop the "considerable time" phrasing sooner than expected (Hilsenrath is often used for the Fed's trial balloons).
2049.57 should fail today. And if the 2037 area fails, given the impulsive appearance of the decline thus far, the gap at 1994.65 could be revisited (it also coincides with the 50dma).
Too soon to tell if it's merely a fourth wave before a fifth higher. With so much widespread carnage, it may be prudent to assume that a more significant high has been put in.
A full moon high, by the way. Friday's "high noon" high occurred just one day before Saturday's full moon, if you're keeping track.
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