"Meanwhile, the great flaw in discretionary monetary policymaking has come to fruition: a major error has ensured a series of ever greater policy blunders and a course toward catastrophic failure. It’s an unbelievable fiasco - and I don’t see how this historic Bubble doesn’t burst on [Yellen's] watch."In a word, ditto. The same conclusion was ours following yesterday's appearance of Queen Confetti, the monotone Capo clone, before the Senate Banking Committee. A Federal Reserve System run into the ground by a bunch of poorly educated, misanthrope monetarists—fantasy promoters dispossessed of sound regard for the means by which financial policy could and should foremost elevate the human condition—is doomed.
Not much adjustment to the standing S&P 500 Elliott wave count applied to wave 5 of (c) component waves is needed, really, to conform with yesterday's NASDARK-based outlook. Anticipating here a pullback into the range of the 4th wave one lesser degree (i.e. wave 4 of iii) we could see the S&P 500 fall to as low as 1560-ish.
Just as NASDAQ's Composite Index suggests, here the S&P 500's slightly modified wave count targets our long anticipated, impending turn onto the road to index levels last seen in the 1987-1994 period for sometime early next year. This ETA still will fall some 97 years short of time Wall Street's hopelessly insolvent albatrosses require to offload the greater portion of their garbage onto the Fed's balance sheet, as well as into the portfolios of other assorted boobs making careers as glorified pit bosses at the Bangladesh Bellagio.
Straight ahead, today's wildly overpriced trash is ready for a trim, or shall we call it a reshuffle down the throats of some other desperately choking, caged beasts whose gaping 2008 wounds have been only somewhat obscured by a blizzard of green shifting leverage right to the top of the food chain where rests lenders of last resort suckered into nursing grave wounds the animals in their kingdom have intentionally self-inflicted, feeding their lustful hearts while starving their overrated brains?
An Elliott "c" wave's dynamism and resiliency, no doubt, we have amply seen since its October 2011 beginning. Yet during this year's second half the [technical] luster has begun to fade. Upcoming should be a little taste of a most terrible hell our world hooked on a perfectly insane fantasy soon enough must pay in full.
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