A must read from Martin Armstrong (cut and pasted from my subscription) "Too many Chicken Littles "

I fully understand how many newcomers are confused because there are so many analysts calling the CRASH OF THE CENTURY who seem to like to get noticed, so they pretend to be forecasting something that they really know nothing about. You cannot forecast the future of the markets or the economy without trading experience and certainly not on an emotional gut feeling. Nonetheless, that is what happens constantly with so many of these people. Academics love to proclaim the future based on a theory that was crafted by someone who also had no experience.

When I was young, there would be an old guy in the corner of the trading room who would pontificate - nope, this is not like the Great Depression. Many of us novices back then thought he was just old and didn't know the new way markets traded. He would usually be right. Sometimes you have to live through things before you get that indescribable feeling - yep, been there, done that before. That is our individual cycle where we buy the high and sell the low, gaining experience so the next time when the next crew of novices comes to the markets, you sell the high and buy the low. If you learn from these events and survive, you will eventually become that old guy in the corner of the room people will laugh at, and then they will realize that if they are not brain dead, you were right.

As I have said, these pretend analysts pull out the charts from the Great Depression, point to $34 trillion in debt, and then glue them together with the idea of a Great Crash without ever understanding what the Great Depression was all about anyway.

I have always said that the MAJORITY MUST ALWAYS BE WRONG, for they provide the energy for the pendulum to move back and forth. Why does ARMSTRONG'S LAW as many call it prove to be correct year after year? You have all of these people calling for the crash of the century, so they ensure the MAJORITY will be wrong, for that is how markets move. When the majority are wrong, that fuels the panic in the opposite direction. I guess it is a LAW since that must be consistent with each generation moving through the cycle of life, which is a journey to understanding.

There is still the risk of a retest of the low next week before the bounce into the end of the month. The real event is yet to come in a few weeks. The crash into the week of 8/5 helps to confuse people, and a bounce now into later August will then have people questioning these analysts, and some may even be recent. Others have joined the call for a recession only because the stock market went down and the Fed did not cut rates. We need these types of people to be all over the TV, for they are the pied pipers who will help set things in motion for the inevitable outcome.

This warns that in September, we may see a Crash, and this time from the Europeans. They must be flushed out before the capital flows shift in the face of war. We have a DOUBLE Directional Change this coming week, but the week of August 26th could be the end of any bounce, and then we need to pay close attention to September.

If we get the bounce into the end of the month, then this will be the required FALSE MOVE to make people think it's all over, and then the market will turn down hard in September. Even our Civil War Cycle in the USA turns up on September 4th. The loser will never accept this election, regardless of who wins. Then we have the NEOCONS desperate to create a false flag against Russia to start a war as soon as September, but they will need to create this if Trump wins BEFORE January 20th.