The holiday season typically has a bullish bias with names like "Santa Rally", etc. But the wave count really looks peaky at this point on many fronts and so I am on crash watch. I think that if we can put in 5 waves down into black 1 as shown below that the selling will likely accelerate into black 3 after a mid morning sucker's bounce. Once the selling starts, the leveraged longs (who are really the bad guys in this deal because they are using leverage to pump everything up including housing prices, etc.) will start getting their margin calls. Either the Bernanke put is dead and markets must live or die on their own dime or the pitchfork revolution is not far off.
Which one is it going to be, Yellen? My money is literally betting on her trying to do some sort of controlled asset price correction. But Yellen is going to get trampled by the herd once the selling momentum picks up speed. Once everyone runs for the door, nobody will be listening to her useless ass.
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