James Stock--Are you saying that this "top" at 1150 won't be seen again for a few more weeks or months? Or will it still be a "top" if we blast through 1150 next week?
Don't worry, our dear friend James Stock/Romeo has just started several other threads today calling for the "End of the Bull Market" under the screenames: Anthony Trader Speakingout Chapabranca
After reading the first 3 pages of this thread I just had to fast forward through all the bullshit. Waggie you are a discrace. You add nothing to what could have been a discussion. Your attitude is purile. Get a life or actually start trading. For what its worth go to http://www.mclarenreport.com.au/ we are currently entering the final run up according to Bill McLaren From Free CNBC Report of 01-19-2004 "Best time I have for resistance in TIME now is January 25th at 315 calendar days from low. That is 7/8TH of the one year cycle and was the exact time period that stopped the 1983 market. Iâve been telling you for a very long time that this market was following the 1983/1984 road map and that has been almost exact in pattern of trend and price resistance. The 315 count was the point that the 1983 market stopped trending. And again, once this index stops trending it will go sideways for months before trending down. " From CNBC Report of 01-12-2004 "I identified this move up as an exhaustion move. So we know the first time it corrects back more than four days â the exhaustion is over. The index will then consolidate with a sideways pattern, which could be starting now. After three or four week of rest, the index will again drive to a new high and fail. So we could see the start of that first consolidation this week. There is no evidence that is going to occur other than hitting a price objective. There is still more "TIME" to go before this trend is over. Possibly out to mid to end of February. But we had some big volume last week and that is necessary to bring in a top. As Iâve been explaining this past year, This bull campaign wonât end until all the buyers are spent. Then the index will rally on light volume to end the move up. So this big volume weâve just seen is the start of the process of topping. But the index will go higher, it is when volume starts to dry up than the intermediate trend can change." IMO we could be starting his 4 day correction today (good news flow over the coming week will probably not match expectations). If we get this 4 day correction "the exhaustion is over." We then look for a consolidation for 3-4 weeks before a final run up on low volume to challenge the Jan high in early March. look for an Adam and Eve Top pattern. The news flow will most likely be "tougher comparisons" "spike in Bond rates" "reversal in Dollars decline" and a gradual realisation that all the good election news has been priced in and that now we have "uncertainty leading up to the election" Remember the market looks forward 5-6 months not backwards!
Thanks razorack. We're going to be rich! Being able to predict the market like that is how the big money is made!
Hey, these guru's fall by the wayside every week. Take a look at this prediction back in October by a guy who charges $36,000 for his newsletter! Yeah, that's right -- $36,000 per year!! Do you think he has any new subscribers?? http://moneycentral.msn.com/content/p62345.asp
Welcome to ET. How many aliases have you signed-up with in the past 24 hours? So many aliases . . . so little time!
James Stock--Are you saying that this "top" at 1150 won't be seen again for a few more weeks or months? Or will it still be a "top" if we blast through 1150 next week?
If we blast through 1170 next week, i'm definitely wrong. And i'll be the first to admit it. This is what I said: http://www.elitetrader.com/vb/showthread.php?s=&postid=414113#post414113