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The current peak is probably the top of the market run from 1987 and
thus the correction is likely to be protracted. My last mail detailed
around six months. However there is substantial evidence to suggest that
this is the top of the move from 1974, in which case the correction will
be far longer and more severe. If you are an Elliott afficionado then
you could even suggest that this is the top of the major move since 1942
which would indicate a hell of a long and severe down move.
Whichever way you want it the Dow has hit a big peak. I have been
warning of this for some time.
All world industrial equity markets are peaking and are in for a good
correction for the rest of the year. I am not looking for the crash
scenario but a far more insidious continual slide in prices which never
has a strong rebound.
As indicated many times previously the precious metals and commodities,
especially oil, is where the real action will be this year.
I have detailed the fabulous chart on ASA for some time. Don't miss it.
Regards to you all!
Dr. Clive Roffey
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