tuesdays tape , page-129

I have a feeling we are missing some important technical point here.

The most bullish scenario I can see is 3 or 4 more weeks of consolidation.

However that leaves us with really no decent corrction in a market that has had no decent correction since 2003.

It would make all previous market history redundant when it has always been reliable.

So either I am a little impatient or there is some factor I am missing.

One possibilty is a larger cycle that is ending.

When that happens, the expected pullback is brief and mild and the larger cycle gives one final drag up for a brief time.

Many argued that in '87 the mid year pullback should have been greater but the bigger scene overruled that.

I don't ascribe to that as for me it was textbook.

If we do hold up till Nov or later, for instance, it suggests to me that some super cycle in the order of maybe 200-1000+ years is peaking and muting the standard cycles.

Anything like this normally gives left hand translation.

In other words the standard correction is limited but the overall top comes very shortly after and is of much greater significance than was expected.

So rather than a 3 or 4 month correction we get a long term one, perhaps a decade or more.

I know the fundamentalists will say that TA just doesn't work.

Either we have repealed the laws that have always governed the markets and have consistently proved true or else we are missing something of immense significance, something that is so rare that only Methuselah would recognise.