The week began with a brief...but significant down wave, yet, as has generally been the case for the last few years, the market recovered most of the declines the very next day. Regardless of the near term...the bigger issue remains..just how high can this madness go?
sp'monthly, 'moon madness'3e
I think the above chart will suffice to close the week.
I first posted the 'moon madness' chart three months ago. Since then, we're around 100pts higher, and I'd guess we have another 125pts or so to go..across the next 3/4 months. That is only another 7% higher, so its not exactly the most bold of upside targets.
Frankly, it remains my 'best guess' for the mid term, as disturbing as it might look.
Goodnight from London
*the weekend post - late Saturday, will be on the US weekly indexes