Based on the last up wave, as long as the market stays above the 935 level, this can be considered a normal correction in an up market. However, if the market closes below the 935 level, it probably will test the 667 low. This down wave may take a while to complete. The last down wave took 17 months to form from top to bottom.
I have to chuckle a little at Obama yesterday stating that the US is a triple A credit risk, no matter what anyone else thinks. If he were the captain of the Titanic, I'm sure that he would tell everyone not to panic since the ship isn't sinking. After all, how can an unsinkable ship sink?
Please note Mr. President, that you don't decide what the US credit rating is. Your creditors decide what that rating is.
Charles
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