DJIA again

djia nov 13 2012

Here is that wedge again. We now know that it did indeed peak out on or about Oct. 8th. From there it has now dropped about 900 points in about a month, a respectable amount. It is now trading below levels first reached in April of 2012.  At least 2 QEs wasted! As far as I can see there is no plausible alternative scenario that would stop this drop until we reach the base of the wedge, that is at 9750 and at this pace we could be there by March of 2013.  So far we have not had the usual bounce back to the lower trend line. If we do it would be the last opportunity to get out.