Fiby...*sniff*...You cut me to the quick. Thot we were bros? Hey, me 'n the others are just trying ta help you find your way.
Well, my mistake, for such a long-term charts it is better to apply Log Scaling for the price axis; then the Wave-d and the whole thing looks more normal. And the fibo relations will also change. As for the other indecies, Dow, NQ, Transports - they all are a partial representation of the broader market, it's normal to differ. As Wave Theory relies on mass psychology, I believe SPX is the best. The Wave Theory constantly evolves, as markets do. Fibos are only part of the toolbox. Forecasting (what Wave Theory is) is not particularly good money maker. Even the best wave theorists I've found in 10 years constantly change their short-term outlook and rely on other techniques for proper entries and exits, using options to profit from non-trending market phases, etc. Not talking about EWI, they suck to the bone. That's what I've found.
Please, slow down... so you apply these Fibonacci ratios to price within a swing high and low? And use these arbitrary px levels to go long or short? Sometimes you extrapolate with these ratio beyond where px has traded?! This is arbitrage. Does anyone else know about this?
That was a great call. I saw B1S2 calling Fibo here "Rennick". I had to look him up. First... this Fibo is not Rennick. That guy was respected here from what I could tell. Boisterous, but intelligent. I was reading some of his calls last night from 2007. He called (warned of) that top a few months in advance. That was an epic call. One for the ages. Fibs is no Rennick. Pretty funny, there was a thread where somebody posed as his grandson and spoofed his death... complete with a newspaper clipping. Even Baron was extremely upset and wrote a great post memorializing him and his contributions to ET. Then the guy comes back and says he's alive. Too funny. He must have been a real character.
For trading cultists who predicted a bear market last December, 2000 years ago they predicted the imminent return of the messiah, they're still waiting.
Rennick's a great dude. 100% not this clown. Makes me question that B1S2 has any pattern recognition ability whatsoever.
Okay so first of all how is this thread 84 PAGES? LOL Regardless, there are some legit catalysts out there in the near term which may finally turn this into a seller's market: 1. Trade deal euphoria/sell the news (deal is so bad that it is completely below market expectations, i.e. tariffs are still imposed until compliance, no budging on protection of IP) 2. No deal Brexit 3. Euro Recession 4. Chinese credit bubble (ever tried to fill a leaking bucket with more water?) 5. U.S. Homebuilder/Auto recession (Y/Y growth is already negative) 6. EPS growth flat. (Forward SPX, NQ P/E is the same as spot) 7. Risk free rate is same as earnings yield of NQ, with the latter decreasing. Unless buyers somehow pull a royal flush and none of the 7 things above happen, this market is definitely more risky than it was 1-2 years ago. Legit, healthy recoveries from the bottom are NOT accompanied by inverted yield curves (bondsman know best!), in 2003, 2009, 2016, recoveries were all in the context of the YC in full "cotango". Good luck to all.