The 3 musketeers of the US financial system. All three sport reasonable well defined “diagonal triangles” which is Elliotte-speak for wedges, pennants, rising flags, whatever you prefer. They occur only in 5th , or C waves. This cannot be a 5th as it would have had to start at the March 2009 lows of the great recession. This is the C of an A-B-C large B-wave. or a wave 2 which has the same implications. A throw-over is normal and at times the index “hugs” the top line for a while and sometimes it falls a little short, here we have all three. Invariable the stock (index) falls back to the level of the base, in this case the bottom of the chart. It does not necessarily stop there!
The RSI and MACD are suggesting something similar or at least a turnaround. The unemployment rate is not as hot as they would like you to believe. It is perhaps not the conspiracy that Jack Welch is suggesting but it is definitely a matter of changing the way things are counted. Read about it at www.Shadowstats.com ;