11/14/11

This market is doing its best to stymie all wave counts.  Yes, there's a triangle everyone thinks is going on, which means it probably isn't.

So I'm just going to show this chart.  I am vaguely wondering, actually, if this might be a leading diagonal in which we are in "c" of (iii) right now.  We would, of course, need to break 1215 before breaking 1266 for this to be the case.

Whatever the case is, if this is somehow a bullish triangle I am willing to bet it is (b) of [y] of 2, or possibly the second [x] of 2 in a WXYXZ correction, with the Z wave to follow on its way up to something like 1307.

Also, apparently David Tepper's stock portfolio is smaller than it used to be.  But why, I wonder?  Tepper is a hedge funder - aren't they the "market makers"?  Shouldn't he know that The Infallible Algos will never, never, never, never, never, never, never EVER let the market go down so buy every dip?