Ref: 21.46 , Last 21.52 . . . High was 21.63 = 50% of the run up last year from 18.22 to 25.12, if we get a 50 % retracement of this last wave 18.61 / 21.63 the retrace will run down to about 20.12 ,127% extension of the last wave is 22.50 and 23.50 for the 162% expansion. 23.50 at 1/3 the range yields 35.00, only thing that makes sense is deflation ( dollar value increasing ) after the FED slows down the money printing machines this fall and increases interest rates. A market decline like 2008 would destroy a couple trillion worth of dollars and paper value -- might be a strange world to have the market declining and the dollar increasing, goes against a lot of current ideas. Other opinions ??
The Fed increases overnight rates, the market will discount not the 1/4 point but the entire two to four percent pop over the next 18 months, and crash taking silver gold and bananas with it. Just like the other eight times since the end of WWII.