re Munich Re
In Elliot Wave Theory that is classic Wave 3 action, when the Pro’s/Funds etc come into a bull mkt. Wave 1 (250-1920) is when only the diehards and the very smart operators are in….Wave 2 dn was (1900-1050) and many get thrown off…Now we shud be in Wave 3 ( 1050- to ?????)and news like that helps to confirm it.
Wave 5 is when the general public pile in and drive prices up like mad and the very smart operators, start getting out…….