I realize that many market analysts think Elliott Wave theory is akin to technical witchdoctery. But regardless of what you think of the theory, it is very hard to look at this image from Barry Ritzholtz without Waves 1 and 2 leaping out at you. As I’ve shown on the chart, the subdivisions are perfectly clear. Furthermore, the implications for the market happen to correlate almost perfectly with my current debt calculations for the economy.
