patrick.net

Like the Dow, the S&P 500 is hovering around the area where Intermediate wave (5) equals .618 times wave (1). It appears exhausted and ready to roll over.

As one indicator after another goes extreme, on Thursday the American Association of Individual Investors (AAII), jumped to 57.93% bulls, a rare extreme for that sentiment survey. The last two times it reached that high was in 2006 at the peak of the real estate boom, and 2010 when the Fed announced QE2.

http://www.globaldeflationnews.com/sp-500-indexelliott-wave-update-for-week-ending-11142014/

#housing