Fourteen seconds is all it takes to a summarize the disposition of weak hands amidst a persistent stream of vague "news" from Europe by whose sound alone its audience seems ever more captivated...
We have sick debt farmers turned desperate wards of the state, lulled to sleep in their own school, while every word from a distant continent, discernible or otherwise, invariably spells doom. Hey sleepy, wake up! There is no middle ground on which to rest, let alone snooze.
Not that I am an island in arriving at this conclusion, as the yellow metal, indeed, is beginning to concur with possible resumption this week of its parabolic advance (much as anticipated).
It might not be until next Monday (10/31) that the above, prospective wave count supposing wave (2) of C completed this past Monday (10/24) is confirmed.
In other words, wave (3) of C — likely to be the most dynamic (and devastating) to develop over the course of the market's anticipated collapse to levels last seen in the 1987-1994 period — could, indeed, be underway.
That's not to say full manifestation of the market's upcoming collapse is unlikely to be delayed for as long as humanly possible. After all, 99% of analysts appearing on CNBC are rather confident this year's 4th quarter will deliver banner results. If any of these have a dime, they'll likely be bled somehow. This much seems sure.
All the more is near-term resistance to collapse made likely by technical repair achieved this month. So, time to bleed dimes, at least for another day or two, seems likely.
Yet that this might be what a dangerously entangled 1% is reduced to also suggests the 99% really have no monopoly on misery. Such is inescapable fate in the midst of the breakdown phase located at the tail-end of an era of global hyperinflation whose beginning traces back to the early 1970s. Look for #OWS to be taking to the roof tops, then, as the 1% join their number while at the same time leaving open the option to jump...
(4:00 a.m. update: looks like wave c of (2) of C is yet to complete, judging by European euphoria over the prospect that a new era of debt haircuts and credit events was ushered in overnight...)
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