Zooming in just the last 2 months we see that the chart has fallen right into the sweet spot of the red circle above which was chosen because it resides at the level of the prior 4th as detailed below. The correction counts as a flat and I suspect wave 3 of 3 upwards happens on Monday, likely much to the chagrin of the increasingly scary looking major indices.
Remember folks, it's a debt Ponzi which has gotten used to ZIRP. So now rates simply cannot rise without traders having to deleverage else the rising debt service for their leveraged long positions will eat them alive.
After the coming crash turns out much deeper than most people think is possible, SCE, don't blame the shorts. It was the leveraged longs who did this and nobody else. The shorts have been wiped off the face of the map. The coming stock drop will mostly be leveraged longs getting margin calls.
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