The combination of still overwhelmingly bullish investor sentiment and the exceedingly narrow breadth of participation of S&P issues, coupled with the spikes in oil prices and 10-year Treasury yields, suggests to us that primary wave (2) up topped -- as previously suggested -- on July 27th, and that primary wave (3) down is now in progress. We expect prices to carry to significant new bear market lows in the months immediately ahead.
00:00 Intro 02:24 Investor Sentiment Still Ebullient 04:53 Market Breadth is Very Narrow 07:15 Crude Realities 09:22 10-Year Treasury Yields Breaking Out 11:40 Elliott Wave Analysis: Primary Wave (3) Down Now in Progress
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