The "bloggers" are starting to come around to the idea that there is no way they can ignore the 5 waves up yesterday . . . and yet they cannot fathom going higher with the bullish sentiment now finally showing some extreme numbers... :eek:
We due a turn ( medium degree) ammo, its just when the trend is up they get pushed late.... Back to the top of its band..... Just incase it wants to waste time in a w-x-y.... ( comes more into play if we dip below 1004) Still like that 1019 area for an easy eyeball...... 15min ES
Ammo - The problem is, is that because so many people are "underinvested" and are waiting for a pullback to get in, it is quite possible that we could see bullish sentiment remain quite high for a couple of weeks before turning down. The investor's intelligence bullish sentiment out yesterday just took out the levels of bullishness that we saw at the June 10th highs... 49% vs 47%.
Mup, the FXE held critical support the other day at 141.00 with the 40 day MA as well as the OIH at 101.30 The coal and mining stocks are going to the moon again today on the back of the weaker dollar. Have you seen PTEN lately? Stock looks to be coiling up like a Spring to go higher! No hurricanes in sight. No earnings for the next two years, etc.
Thats not a good sign if people are seeing a clean 5 waves...... maybe we'll have to consider this more.....? 15min
Yep, I couldn't agree more. These guys have been FLAT-OUT wrong for weeks and months on end, and now they are seeing a final 5 wave up sequence that started yesterday, with the (ii) into yesterday's close. That was their "alternate" count that is now becoming their PRIMARY. They are really scratching their heads here for sure, but hey... Bob Prechter says that the P2 could go as high as 11,300 and . . . blah, blah, blah.