Trying to compare where this market is with anything bearish prior to 2009 is tricky and frankly doesnt make sense. As we didnt have this Fed experiment prior to 2009 as well HFT wasnt anywhere close to the levels we have seen prior to 2010 when the flash crash occured. As Semi has stated, HFT along with the Fed can push this market higher on nothing. And I mean any system, especially Elliot Wave becasue it is so darn subjective.
I am just as guilty comparing my Trend system now to 2000, 2008 is just blowing hot air.
BUT there is one indicator that is at the level last seen on my system from 2000 & 2008 and going lower.
[attachment=24259:S&P_longterm.png]
I missed this move from Feb but there are going to be others. Also, given the HFT it will be a wide range. Large volume down low volume up, rinse and repeat.
But as NAV and other have stated, who cares if your trading?
