“Every reliable technical tool is warning of major peaking action,” said Walter Zimmerman, the senior technical analyst at United-ICAP.
Economy and Finance
Zimmerman Predicts A New Financial Crisis
The Dow Jones is almost at an all time high and the government is telling us all things are on the up, the worst is over. Many economists however see things rather differently. Walter Zimmerman is one of those waving a very large red flag.
“Every reliable technical tool is warning of major peaking action. This includes sentiment, momentum, classical chart patterns, and Elliott wave analysis. Most of the rally in the stock market since 2009 can be chalked up to the Federal Reserve’s attempt to create a ‘wealth effect’ through higher stock market prices. This only exacerbates the downside risk. Why? The stock market no is longer a lead indicator for the economy. It is instead reflecting Fed manipulation. Pushing the stock market higher while the real economy languishes has resulted in another bubble. The next leg down will not be a partial correction of the advance since the 2009 lows. It will be another major financial crisis. The worst is yet to come.”
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Contributed by Chris Carrington of The Daily Sheeple.
Chris Carrington is a writer, researcher and lecturer with a background in science, technology and environmental studies. Chris is an editor for The Daily Sheeple. Wake the flock up!
