My reading of the posted chart is 6 technical higher peaks, and suitable fib territory for a correction of approximate stature as stated by the OP. The 7th is often the kicker though. Its looking a "bit toppy", is my overall assesment.
These guys never go short. They just sit in front of their screens and preach the apocalypse.. and then.. when the markets look the ugliest and everything is deep red... at some point slowly we will put a bottom in and then these perma bears will still be too scared to buy and preach lower prices are to come as the market crawls back higher. Happened before, will happen again
So if no one ever goes short how does that concur with your other baseless theories? http://elitetrader.com/vb/showthread.php?s=&postid=1449582&highlight=short+squeeze#post1449582
Read before you post. I said "these guys" = some of the more paranoid perma bears posting their predictions above. Of course, letting your emotions take control of you, you translate "these guys" into "everyone"
"These guys" while making a banal statement about shorts doesn't equate into "these specific localized perma-bears" in anyone's world but yours and stock_turders. Take it easy doctor moneybuckets...
The insinuation being of course, is it's acceptable only when you've reached 1260 posts? Nothing worse than territorial e-pissing on the forum's tree by longer established members.
I found our pivot!!! The Nasdaq just pivoted off of the middle Bollinger Band. The short term volatility might be over, but when the Russell 2k starts ticking over the 900 mark we might be cooked and then the real fun starts. http://stockcharts.com/h-sc/ui?s=$COMPQ&p=D&b=5&g=0&id=p37590656505