Midknight Review -- new and revised: Stock market crash in 2012? The "wave theory" says yes.

A fall from 2007 highs down to 2009 March lows unfolded clearly in impulsive structure, which we know is indicative of a trend. As such, we are very confident the larger trend has now turned down, especially after only 3-waves of recovery into 1370 region; exactly for 78.6% retracement of previous impulsive fall!

In fact, even a fall from this year's high unfolded impulsively, labeled as wave (1) followed by wave (2) corrective pull-back, which will look for a top around the 1300 area.

Notice that we are also monitoring a huge head and shoulders pattern, which is about to complete very soon! Right shoulder is wave (2) on the chart, which is in the final stages!

However, only price can confirm our bias, so we still need to see 1150 break, before wave (3) accelerates to the downside!

This post by Gregor Hovat was published at Forex Crunch.

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The Stated Nonsense from the Left now includes these Progressive goals:

July 2, 2008, Obama had this to say: "We cannot continue to rely only on our military in order to achieve the national security objectives that we've set. We've got to have a civilian national security force that's just as powerful, just as strong, just as well-funded."

MICHELLE OBAMA: "Barack knows that we are going to have to make sacrifices; we are going to have to change our conversation; we're going to have to change our traditions, our history; we're going to have to move into a different place as a nation."

“ . . . . . . they have become a generation of activists possessed with that most American of ideas – that people who love their country can change it.” -- Obama the Radical

On September 30, Van Jones told MSNBC "I think everybody should hold onto your seats. October is going to be the turning point when it comes to the progressive fight back."

Midknight Review -- new and revised

Stock market crash in 2012? The "wave theory" says yes.

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