11/15/11

Another day, another deep correction but which doesn't invalidate the ultrabear count.

This count also works for 1292 being Intermediate (2) - just move all the waves up one degree. 

We have had a rash of deep corrections, an experience also associated with the period from the 1370 nominal top to the late-July watershed. 

• 1356.48 top relative to 1370.74 top/1258.07 bottom:  88.6% correction minus 0.92
• 1347.00 top relative to 1356.48 top/1295.92 higher bottom:  88.6% correction minus 2.44
• 1346.99 top the next day:  100% correction minus 0.01

 In other words, if Minute [i] of 3 is trying to play fractal to Minor 1, it's doing a rather good job of it, complete with extremely deep retracements, bullish sentiment, "powers that be won't let it fall"-ism etc.

Notice two things:  First, if you draw a line from the 1356 to 1347 high on a log scale and extend it to the present day, it gets pretty close to the 1266.98 high and today's intraday high, after 1292 and 1277 surpassed it somewhat.

Second, all of a sudden cities have started to bring out the big guns with respect to "Occupy Wall Street" - evictions, police raids of the encampments, etc.  Why would this be happening now, when they were generally tolerated for a good month beforehand... unless, of course, "a good month beforehand" was Minor 2 and this no longer is?