Could there be an "ED" developing that started yesterday off the opening with a i-ii and lots of overlapping waves up into today's high?
"M" pattern. Nine 5-waves UP . There may be one more 9 5-waves UP . Note: Negative futures, positive close for 1 - 2 months. = negative sentiment versus positive market .
These are challenging and certainly uncertain times. I know where Prechter stands. You regulars have been particularly quiet and I don't like it. Just how should I interpret this lack of opinion? Long Gold and cash - is that it? Are you on the same side as Prechter or not?
Hi Panama, It does not matter who is on whose side..... Mr Market does not bother and makes out his own path......everytime...... EW has never been an absolute form of TA. There are ALWAYS alternate counts. And when the analyst feel that non of his counts can satisfy all EW rules, then it is time to stand aside and let the market unfold and shows its hand. I'm still clinging on to my Sep 5th post (quoted below) about the SPX reaching 1121-1133. I'm glad Mu shares the same target and I hope Mr Market does so too......
Thanks ed FWIW I think I agree ... how it finds a turning point/area may be interesting ... I see some optimism, but no exuberance so little chance of a blowoff top ... I see signs of manipulation/strong hand influence and lower than expected volume .... signs of bear exhaustion/capitulation/failure to participate ....Mr. market may take more time or distance or something else to surprise/confound me again. Mr. Market has been more optimistic than me/many traders for some time (wall of worry state) and he will continue to do whatever. The views of others help me to keep perspective