Quote from GrandSupercycle:
SP500 etc after protracted overextension, trend continues to break down and daily is now bearish.
Further downside ahead.
Informed traders will understand why.
Quite frankly, you think far too much of your technical analysis skills. I will go ahead and say it -
you get this consistently wrong from a technical analysis perspective. You have no expertise in this field and quite honestly you do not appear to have the good sense to know when to shut up and quit humiliating yourself.
We are not in a 'rising wedge'. There is no 'uptrend degradation'. We are in a full blown bullish trend channel, and have been for quite some time ( blue channel lines in chart ). By the early Summer of 2009 we officially broke the 2008 bearish trendline and then began to establish the bullish trend we are currently in. What many T/A's call a reverse pennant ( plum lines in chart ) you call a reverse megaphone - which is fine from a semantics standpoint. Where you get that incredibly wrong is that the upside flagpole rally we started the first week in January of 2012 completely invalidated your failed bearish macro calls. Taking out the highs of April 2011 triggers short-covering and adds fuel.
What makes you a flake is your inability to own up to the human condition that we all have - that we all make mistakes, and that we are at our best when we recognize them, take responsibility for them, and move on with our lives in a constructive manner. Your dilemma, and quite frankly your great fault, is that you are trying to establish credibility with your ability to call markets via ET postings and your blog. No one is going to follow someone for very long if they are so obviously wrong and are simply unable to recognize that apparent fact. If some fool is actually risking capital on your incompetence - well, then what a shame.
Every Bank newsletter that I get with Analyst coverage where the featured specialist publishes market calls also includes price targets and stop-loss levels.
There will come a time when the market will consistently settle below the present lower channel trendline. We will start to witness a series of lower highs. Then go ahead and call a top to the market and recommend fresh shorts. Let the market tell you where it wants to go.
And get a grip on yourself. Have you no sense of self-esteem and respect ? Are you not embarrassed ?
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