Many thanks to Vadim at EWI for this great series which continues this week .... (not hinting at subscribing, I'm not a subscriber). Always have liked Vadim's straight talk. http://www.elliottwave.com/freeupda...With-Fraud-Who-Could-Have-Guessed-Part-I.aspx chartwork below is purely mine
DSI (daily sentiment index) = 92 = Lalaland options traders sentiment = off the charts = COMPLACENCY = admiring the huge new stretch of beach Insiders selling 6 times > buying = they've seen the receding waters, know what's coming, and are now bolting for the hills ----------------------------------
I remember someone else on ET saying that insiders were selling 5x more than buying last summer. Oh wait, was that you? How many times has Prechter failed in his forecasts in the past? One would have to live older than Methuselah to make money trading his advice, and that's only if they didn't get a 100% drawdown in between hoping and praying.
EURGBP .... Euro vs Brit. Pound Sterling This is a very important cross because Sterling health overall reacts bigtime to it. If what I am considering in the weekly chart is correct, i.e. the wave 4 triangle, then a huge rocket move to the north is to be expected. Furthermore would I be right in expecting this rocket to be an an extended wave 5 ?? If this is the scenario, then expect Britain to be in a shitload of trouble as depicted on Page 1 of this thread. Need to review the daily some more to clear up some fuzziness but this is what I am thinking now
-------------------------------------------- Continue to stay LONG if/when close < 10,990, close Long & go Short. +++ Short with close < 10,835 as in above post.