Agree that Dec. 1 is the date to watch for the current short-term cycle movement. Let's see how the market moves.
@blnbr Placed my view @ your chart: I'm still looking for wave 5 with last ABC as 4. Lot of divergence in daily indicators while making C, so i'm thinking of an important change in daily trend. A test of crisis lows or at least a clear higher low @ weekly.
I think there's not much clean E-waves going on since March last year. So it's hard even for the E-wave gurus to predict the market under the situation. But these guys are in E-wave prediction business and they have to do it all the time. Not surprisingly they made more wrong calls at the same time. I think they are still good, but subscribers need to be well aware of what's going on to avoid being the casulties of their mistakes.
Hi MitchWorse, While I cannot exclude the likelihood of your label version, I still think the 5-wave label on my chart fit the E-wave pattern well, so itâs still my first preference for now. If the market is indeed in wave C and is moving down from there, then we may see another major 5-wave down and makes new low. But that would be perhaps the most bearish scenario. Since Iâm a relatively new E-waver, I want to see what the other senior people have to say
I'm assuming what makes PTJ great is that despite the fact he is so bullish on gold, he probably isn't married to the position. If it turns bearish like Prechter suggests, I bet he sees it, changes his mind and makes a boatload on the downside. Poor Neely traders. I wish I had the results of his last 50-100 trades so I could run expectancy numbers on them. I guess it is o.k. to be wrong alot as long as your winners are BIG.
Very true. First and foremast is the fact that PTJ is a TRADER and is not married to anything or anyone besides his former super model wife! He is not a perma-bear, nor a perma-bull. He simply seeks to identify the trend of a market and climb on board!