Of all the fibs I try to include I can't believe I left this one out. The 61.8 retracement off the 1007 top to the 667 bottom is 877. This is a good example of why I do so many charts in different time frames. You can catch stuff like this (if you get ti right the first time of course). Maybe this helps our situation. We have completed a strong 50%+ retracement off a major top. Keep your fingers crossed.
nice charts!!! we are on the same page....
ReplyDeleteOn the one hand, we're nearing the tip of the bearish rising wedge. On the other hand, we seemed to have broken out of the black downward trend line.
ReplyDeleteSo how do you think we go from here?
Perhaps you need a vacation old man.
ReplyDeleteIt will be interesting to see if the 50dma holds as it is above the 50/62 fibs. Perhaps in a few weeks the bullishness will fade once people realize that stabilizing does not mean stopping the fall.
The media spins everything positively (CNBS and Bloomers). Things are not getting actually better in reality. At most they are getting worse more slowly. There's a huge difference.
If you jump out of a plane, you accelerate until your velocity stabilizes at 120mph. Acceleration is zero at that point. Going down at a constant speed is nothing to rally over.
They clearly pushed it to ring the bell at the downtrend line, the wedge line, and to paint the 5th leg. Amazing once you see it actually happening.
Not to be an agitator, (lol), but IF Wave 3 ended in November, we just hit exactly on the nose a completed A=C move of precisely 203 pts at 870 today. (A wave from 741 to 944, B from 944 to 667, and C from 667 to 870).
ReplyDeletePerhaps we start the big 5 of P1.
Hmmm …
OK, now hand me back my monkey wrench.
S135
I'm struggling with P1 or P2 again. My thought is that everything is toast either way, but they will prop it up as long as they can (P2) and it all comes crumbling down in P3 next year. If 5.5.1 happens I would not be suprised at all and it might actually be the best thing that could occur at this point for the world. Flush it out now not later.
ReplyDeleteExcellent find on the ABC relationship above. I think the channel in the chart above is very relative and the end of P1 may be running down the middle of it. Things suck and they can't be ignored much longer. The prop up will bust. We might be really screwed here.
You can always be counted on to dig the deepest and find what's relative, or possibly relative, or what could be relative but isn't but may be someday. That's why you and I are relative in this game. We go where others dare to tread.
Thanks for keeping me awake. Remember Myan claendar ends on 12/21/2010.
I just love messin' with your head.
ReplyDeleteSince many think that we've bottomed, even though the monthly chart I posted on ST Social says no frickin' way, it will tank. It could be now, this fall, or next year. Most likely a pullback now, slide sideways until the 200dma gets more in range, tag it, then crater.
Or, something really bad needs to happen, like a State defaulting, for this to really dive now imo.
I've always called for the "external" event that would be needed to cause capitulation in this cycle. I'm just gonna swing trade the big moves and try to pick up some coin on the shorter 60m pops with tight stops.
ReplyDeleteKeep on Fing with me. I need it. If you can take back what you dish out we'll get along just fine.