Take a look at the two charts above.
The first is the graph of the price of RE for the bubbliest town in the Universe, courtesy of Larry Yatter.
The second graph is the typical graph of a Elliott Wave, 5-stage bull-run.
Sorta fits the first graph. Wave 3 is always the most dramatic upwards (or down), and so it was with our RE . Wave 5 has to pop up over wave 4 and can go a long way or not. The problem is no-one knows where wave 5 ends.
What does this all mean. Not a lot yet. We have to see a good drop, to say that wave 5 is over.
We have HST, tighter CHMC lending, a drift higher in rates, all time low affordibility- if this doesn't make us come to the inflection point- what will? An imminent asteroid??!!