The chart presented shows the Elliott Wave count that we (and many others) are presently presuming for our broader perspective.  Assume we (collectively) are wrong and that the move up from March, 2009 lows represents wave [1] of a new bull market following a correction instead of the corrective count shown.  In that case markets would currently in a primary second wave down.  Even a modest correction should take the Dow below 9,500, with reasonable targets in the 8,800 – 8,300 range.  Taking a step back makes it hard to be bullish.  It seems hard to look for much upside before attempting 9,500.  Then we can test the assertion that we are headed to new lows. 

[Click image to enlarge]

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