Ruminations on the ES longer term

Well, its been a hell of a run since Mar 09 PT ,VO, Charter Joe, and many others were trading those crazy days with there crazy 50 point swings in the ES, both up and down. Recent wild action with its 32 handle ranges pales, but is certainly reminicient. The purpose of this post is not a forecast, but a discussion of why there is such erratic behavior , and why its important. Fundementalists would point to QE3 and its inevitiable end as the cause for concern. Wave theorists generally have targets in this 1780 area. Here is a recent chart from Anthony Caldero that i find interesting...
... youve seen all the headlines.. each QE getting less and less bang for the buck. In a nutshell, without trying to guess what wave were in , this has to be the main question..
. My own opinion is a high soon, a hundred point plus decline, then advance a few months to the final high before "the big one". (anywhere from April to late 2014 )., then a bear market lasting 2 years into 2016 (not coincidentially an election year. That would usher in a giant wave 3 lasting years..who knows but its fun to speculate... and its imortant if you have a 401k!