I am not particularly happy with the above count. It seems a little contrived or artificial to me, but then we live in artificial times. This index moves roughly 200 points 4 times in about a year, depending where you put the top. That is a lot of movement without any headway, mostly created by Greenspan, Bernanke and the “data-dependent” lady and with a little help from Draghi, China, Japan and just about every other country and also more recently from the likes of C Lagarde of the IMF. Remember that it takes a Pavlov to make a Pavlov dog, and now the New Normal has essentially become the New Abnormal and is universally accepted as gospel throughout the corridors of haute finance. Except it cannot work. It is a bit like the perpetual motion machine which cannot exist under the rules of nature or physics, that is an open and shut case thanks to brilliant minds. Economics has not been endowed with an equal dose of brainpower and is still wrestling with ceteris paribus. Soon that may no longer be a reason to propound blatant nonsense. Wave 3 could take care of that.