Does the current pattern look like May 2008 to you?

now that we have witnessed yesterday's PA and today's premarket carnage, bomb's scenario looks more and more likely no?

 

Now this scenario doesn't look that way off, after all A self-fulfilling prophecy?

 

Charts represent mere illusions.

 

Bomb, you're not a woman, so don't use the word perhaps.

I enjoy reading your posts.

To answer your question, no I don't think it's 5/08, I think it's 12/11 .

 

excellent chart

 

Interesting chart. Thank you for posting.

 

lol... you may have been right, but you're not making any money off of it... I'm still short R2K @ ~710. Just wish I were my old gunslinger self and would have bet the ranch on this trade

I've been short since Sunday open. By the way my entry was simply a slanted version of yours, and I like one hour but I look at daily, <1h too

 

You're very welcome.

Gekko, I wasn't even aware "perhaps" was a woman's word! Maybe probably is better then Thanks for the compliment, though. I would be very surprised if we mirrored 2008. It's now or never for the bulls to enter the picture this week.

I can actually see your reasoning for the trade in R-2k, Adam. Good work on that. Let your profits accumulate for as long as the market allows them to. The "skill" is to differentiate which upmove is merely a counter-move and which actually signals a turnaround. The most striking supports of all was in the NQ at 2300. When that broke, it was a quick 100 point move down.

 

" 7:15 PM Signs are pointing towards a repeat of 2008, says Marketwatch contributors Mary Ann and Pamela Aden. The U.S. and global stock markets have technically turned bearish, gold is declining the U.S. dollar and bonds are all moving higher, all of which were warning signals prior to the 2007-08 meltdown. So, as long as the Dow stays below 11700, the bear market will likely gain steam - then look out below. Comment! [U.S. Economy] "

From seekingalpha.com today. Huh. Go figure

 

Bombardier,

Thank you for having the courage to post your thoughts. This is the true purpose of a forum. Charts like yours create synergy among us. I believe your technical comparison presentation was well thought out.

What I think is pieces are still missing from the puzzle to validate your chart patterns. For example I see no direct continuous catalyst that created the level of market fear we saw in 2008 - though I don’t discount the European problems; these are still fears but they seem to be much more muted and intermittent. This is reflected in the lighter selling volume levels on indexes on recent down days. I have also heard a number of traders say that this is just the lull after government stopped the money printing presses and is just a correction.