Reminds of the people getting short when the SPX broke 1120, of course it fell a bit further but quickly erased those losses, the same thing will happen on the upside, will get a continuous rise until one day it peaks out and drops, always does, do not think for once this rally is sustainable....these are irrational markets in a bear market, thats all.
Recent previous calls here ...... http://www.elitetrader.com/vb/showthread.php?s=&threadid=219266&highlight=TOP (called just 5 trading days before the actual TOP) -------------------------------------------- http://www.elitetrader.com/vb/showthread.php?s=&threadid=220543&highlight=TOP (in this thread the usual ET fools got clobbered as they shot their mouths off before the TOP and then just vanished silently after the TOP materialized correctly called) ---------------------------------------------------
The COSTCO Top Call was initially plain awesome but I was wrong ultimately when the TOP was taken out recently as that was not expected. Still working on why I was wrong. Here is the juice from the thread ..... called at the EXACT TOP 05-20-11 09:32 AM COSTCO Another Shorting opportunity from deadbroke - I don't believe there's more than even 3 or 4 fellows in the universe who could take this shot and I personally don't know anyone, but if you do, tell me who it is .. COSTCO is topping - and its fortunes are going to change in a fckin hurry. I shop there and have noticed things that only an astute observer can notice, things that can only become visible in the late stages of wave 5. Let's see how it plays out ...... the trendline shown at the top is nice and close to Price action, so take NO action unless this trendline breaks. Now remember this guys .... the max rate of return on investment is immediately following a 5 wave advance's completion
Behold the beauty of THE TOPPING PROCESS ...... There are different types of TOPS - the GREAT DEPRESSION #1 top was a V-shaped top. No warning to get out from pattern observation, but in the GREAT DEPRESSION #2, exult in awe at the manner in which the speeding vertical rocket slows down from a vertical ascent into progressive shallower uptrends as it now is almost on the horizontal to give you the BEND IN THE TREND aka HEAD & SHOULDER TOP with the right shoulder aborning. Pattern is complete only on neckline break. And anything can go wrong between now and the neckline break. If the neckline does not break, the GD#2 has been averted. And for the idiots at ET who never understood Volume, note that for a valid H&S pattern, the right shoulder's rise occurs on noticeably lower volume than that of the Head and LS. Correctly done by Price - check it out for thyselves. Uploaded with ImageShack.us
Reminder that USDX (US Dollar index) bullish weekly chart continues to exert influence over its daily chart which is currently bearish/ neutral. Market uncertainty and lack of consensus returns. EURUSD daily now shows possible rising wedge. ALL TRADES POSTED AT BLOG. http://stockmarket618.wordpress.com
The Empire busting and rupturing level has not been observed by anyone else but deadbroke - make no mistake, that either way this Empire is finished. If it survives the GD#2 not developing by virtue of the neckline not being ruptured, it will just go on back to its totally useless ways of gorging and feasting on credit with no thought of the basic laws of MONEY BEING A FLOW and in total violation of the AFFLUENCE FORMULA which is to pay off your debts completely and immediately the moment affluence throws open the floodgates. The conditions of existence cannot be violated by anybody. Behold the reactive mind of the American public ...... shown by the VIX - note the cup/saucer bottom with the handle that is higher than the rim of the cup Uploaded with ImageShack.us
My best work was done in tracking the ROGUE WAVE aka US Dollar. By the time this is over, both the Dow Jones and Gold will kneel before the Dollar. As any idiot can easily observe, the markets have been in one mode for quite some time now, namely The world together versus the Dollar. (All evidence in the threads named above) This analysis was done in sybaritic splendor as any observer would gasp as they saw the dead one being the ONLY ONE who called the rise and resurgence of the US Dollar amidst unanimous death of the Dollar calls at ET - by the way, for those who don't know, get used to it quick - at ET it is taboo to make calls. The only thing revered at ET is to just FOLLOW aka REACT. Therefore by definition there can never be any leaders among the cognoscenti at ET. The sooner the newbies learn this, the better. Uploaded with ImageShack.us Uploaded with ImageShack.us Uploaded with ImageShack.us