This is the top...for now

Discussion in 'Chit Chat' started by onefocus, Oct 22, 2009.

  1. onefocus


    Seems to me that EVERYONE is thinking this thing is going to continue straight up (talking about S&P500 & Dollar weakness). For a while there everyone was looking for a pullback or some kind of correction. Now everyone is thinking it's going to continue. I just don't see it.

    Elliott wave postings on currencies are all showing one more move to complete a wave v. Seems nobody thinks the recent move lower is the wave v! It has to go further....that is greed. That is shorts (Dollar) that need it to move further before they cover. Bulls on the S&P500 need the required push through 1100 to sell.

    No one says correction's all one more push higher and you know they all want to exit on that one push.

    I have to say....this is it. It's not going to advance from here. If it does, that's fine, I'll trade with it. But I just gotta say it.

    By the way, take a look at a 20+ year monthly chart of the S&P500...that is a scary double top (if it breaks lower from here). And, I don't think the fundamentals support a major bull market from here.

    Comments appreciated.
  2. Today was a breakout in the nasdaq. This was the first day it closed above the reversal on FOMC day in Sept. The nasdaq closed above that resistance level that has been hit with sell programs all month.

    It's looking like we could get another upward thrust.
  3. Markets don't need the support of fundamentals if there are enough frenzied buyers or sellers :cool: