is it forming an ugly head and shoulders, page-45

Agree somewhat Pete, however I still haven't seen any full-on capitulation yet, or a fifth wave down.

Still reckon the below scenario is a decent possibility, as a minimum. Would give a fifth wave down, the required capitulation as we fall below our March low, and your desired H&S. Everyone would be happy, but perhaps the bears more so.

By doing this, it would also totally wipe off the previous bull market, hitting the beginning of the bull run made in '03.