Agreed.
Unfortunately here on ET there are a TON of threads and people that simply make "blah, blah, blah," predictions without any sort of methodology whatsoever.
For example, one could very well make a technical case that the simple .618% retracement of the recent rally up from the late June lows comes thru at 1503 and that the market will try and hold 1503 SPX and make a low in the next day or two which will then take the SPX back up to the 1534 area.
The original poster states that he doesn't see any reason for the market NOT to trade immediately down to the 1490 area. Yet those technicians that have used a common fib ratio would beg to differ.
Unfortunately, there don't seem to be many technicians on ET or people that are willing to make an effort to substantiate their prediction with some sort of methodology.
Just a lot of people looking for the end of the world and blowing a lot of hot "air", rationalizing why they have been losing money, having a crappy year, and being short during a tremendous uptrend. It's either the latter, or simply making grandiose predictions with no specific methodology whatsoever.
Typical of the kind of traffic on ET in the past year or two.
