The usual then (May 2012) and now charts. A little more than 1/2 year has passed and essentially nothing has happened. This has an enormously negative impact on the brain, especially for those without patience , which is just about everyone I know. In this particular case things are even worse than normal as it has already taken so much time Fortunately things are beginning to look up – that is down – when you look at this good-looking Head and Shoulders pattern that is developing. The right shoulder is now a little broader than the left one  (right skewed) which usually means that time is up and when things happen they will do so fast.

In EW terms there is either a 1-2, 1-2 situation, or just a simple a-b-c that has failed or might yet go a little higher. Alternatively a triangle (wave B not 4 is forming). This could still lengthen the time making the demands on our patience excruciatingly more painful. We would presently be about halfway in d with e still to follow. But things might get compressed from here on. All the issues from Europe, America, and even China have remained unresolved for such a long time that it is hard to see how the authorities could once again massage this thing upwards. Don’t change your mind now, just step aside.

Please click on the charts to enlarge. You can than read the fine print and move them around.

It has been raining continuously but apparently, with New York closed, our TSX is anything but liquid. In the last 5-10 minutes of trading the entire day’s progress was retraced. Some blame MOC (Market on Close) orders but that seems a little too one sided. Perhaps, we too, have a plunge protection team. Whatever but one thing is clear this market can be manipulated.

There is little ambiguity here. The only frustrating part is the time it takes but then things may just start accelerating soon.