Yes, they are on the ED Bandwagon. And they feel even stronger than ever looking for the end of the world because the bullish sentiment has now finally risen to the highest levels in quite some time. There are two blogs that I have read lately that are BOTH calling for the beginning of P3 ( or at the very least, a "B" wave decline ) and have been anticipating a major TOP for the last two weeks. One of the blogs is filled with comments from some of the most idiotic and naive posters that I have ever seen.... people that believe that Goldman Sachs and Obama are in bed with each other and have been "manipulating" the markets higher for weeks on end. So many "conspiracy" theories, it makes you wonder if these people actually TRADE for a living or have ever pulled the trigger and traded off of technicals. So many noobs out there that want to find the Holy Grail of Trading without having a clue what they are doing; and then they get terribly upset and demoralized when they (and all of the various alt counts at Hochberg and EWT) are thrown out the window as Mr. Market proves them wrong, wrong, wrong... The actual owners of the blogs are very tenacious and do a lot of hard work. It's just that many of the "followers" of the blog that post are so wrapped up in blaming their poor trading ability (and losses) on market manipulation and the latest "conspiracy" theory that it really detracts from what is ACTUALLY going on in the market. And when that happens and you lose money from being short, you then BLAME it all on GS and the conspiracy theory of the week, month, year, etc. After all, how else could the market have rallied from 666 to over 1000 while the Economy continued to deteriorate???
Just using simple ALt rules.... Today move could be just the wave 4 of the impulse off that 8th July low (after 9 wave 3 between alts) I think Mu might has this as well....??? 90min SPX
20 handle rally on the way??? By the way, it's been reported on several "blogs" that the Fed bought half of the Treasuries 7-year note auction last week, making the results much better than how the 5-year went. That's why Rick Santelli showed so much surprise at how well the 7-year went after the bid-to-cover on the 5-year was so weak. Can't wait to see how the Fed "handles" the upcoming 30-year auction. :eek:
Just keeping it simple with the alts... Below 987 on the Globex then we have a degree change... Until it starts to overbalance, the bulls still have things in their favour... Didn't "feel" we were still in an ED pattern today...? 240min Globex....
...remember i said a cycle peak shortly before 2:00pm? had to. im a short term scalper(traded 21 years now) . I trade off the bounces from my price projections.(remember the chart with 990.50?...i bought again there! Even if you were right about 200 points down , i knew it would likely bounce there...and it did... covered at 994.00(only one es on that trade)..up 7 handles today, 22.50 for the week... congrats on your profitable short!
Congrats on a profitable day... I was a bit too confident in my position and let some of my profits slip away. I like the analysis that you and Mup have been providing on the triangle and a new high. I try to go into each trading day with an open mind and no bearish or bullish bias. I believe early tomorrow will tell the story whether we go higher or lower from here. If you pinned me down I have a bias that the top is in.... check out my divergence post. Robert
Mup, what are your thoughts on divergences between the indices near tops or bottoms? My experience is that divergences typically occur at important turning points. The attached chart shows a major divergence between the ES(middle) and NQ, RM. Your thoughts are appreciated! Robert