You build a good case at the intraday level. The FED has been printing a lot of money lately. At the larger timeframe, the DOW has been making lower highs and lower lows. This is bearish.
I wonder if the FED finds any value in Elliott waves? Their timing for printing more money co-relates fairly well with market tops so it is ready when the market starts to slip. The FED wrote a white paper using adaptive system parameter estimation to model the economy so 5 year plans could be made accurately. The result was the model was only accurate for predicting 2 years in advanced. Anyone who has taken signal processing classes should be able to explain what is happening.
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