Warning: The Next Wave Down Starts Now

[Cutten]

Quote from HolyGrail:

I didn't make the rules for P&F trends. Yes, if you have an extremely strong bull market it is possible to have greater than a 20% correction and still be in a bull market.

Ok - in that case, isn't P&F charting kind of irrelevant for trading? If something falls 20%+ surely you want to be playing it mostly from the short side. In that case, I don't see any value in labelling it an intact "bull market" since that implies having a long bias. Only on an ultra-long investor timeframe does it make any sense to ignore 20%+ corrections.

 

[HolyGrail]

It is a two step process. You are not ignoring anything. Don't worry about it. Just continue doing what you do, and I will continue doing what I do.

 

[HolyGrail]

Quote from jackstone54:

Holygrail's logic is so confusing. ...

You don't need my help to be confused.

 

[jackstone54]

This is what I have for the RSP chart. Its from yesterday, price jumped to the middle of the apex and now it can go either way.

Futures in the red right now, Im betting the continuation to the downside.

 

[robbie380]

Quote from jackstone54:

This is what I have for the RSP chart. Its from yesterday, price jumped to the middle of the apex and now it can go either way.

Futures in the red right now, Im betting the continuation to the downside.

how is that f and fslr doing? maybe a response?

 

[jackstone54]

You are posting in the wrong thread. This is the next wave down thread. See the F and FSLR thread for a response.

Quote from robbie380:

how is that f and fslr doing? maybe a response?

 

[Topsurfi]

Quote from jackstone54:
The price is going to go where its going to go and there is nothing we can do to stop it. The price for the SPX is set at 1150. Thats where it will go like it or not. [/B]

maybe you could enlighten us what your text book analysis tells us why the S&P did not fall to 1150 but is trading close to 1400 now ?

 

[Landis82]

Quote from Topsurfi:

maybe you could enlighten us what your text book analysis tells us why the S&P did not fall to 1150 but is trading close to 1400 now ?

Yeah, since this thread was started the SPX has gone from 1360 to 1393 and the Euro appears to be working on a WEEKLY reversal bar to the downside, which will obviously be supportive of U.S. equities.

Hmmmmm...... 1150???

Don't think so.

 

[yoohoo]

Quote from Topsurfi:

maybe you could enlighten us what your text book analysis tells us why the S&P did not fall to 1150 but is trading close to 1400 now ?

Duh Topsurfi... look at your keyboard mate. It's obvious... the 4 is above the 1. Simple type error and could happen to a bishop... it was supposed to be 1450 not 1150.

 

[LT701]

Quote from jackstone54:

Do I have your attention yet fellow traders? I apologize for the flashy headline but I have to get your attention or else you will lose money. Ok, well I doubled down on my shorts and puts today for all of my positions. I want to make it known to anyone who is long in almost any stock, sector or index that the next wave down is about to begin.

There is the theory of the Elliott Wave which states bear markets erupt in three phases. There is an initial leg down followed by a short leg up and then another leg down. This is a complex theory that can easily be misinterpreted and I am by far no expert in it. However, the moral of the story is that the market usually comes in threes. We have experienced the first wave down followed by a short wave up and now we will experience another wave down which will feel real bad to some.

I say this now to everyone here plain and simple. The market is going much much lower. Let me clarify a target for you now. 11000 on the Wilshire 5000 which is 25% lower then today's close. This target is to be reached by the conclusion of this year. Pure and simple.

The recovery will be nice if you still have money to invest and trade. However, by that time many of you will be whipsawed out. Im not certain how many trading blogs I have seen disappear or how many posters have left ET. There have certainly been many whipsawed out already in the current downtrend.

Listen to me, honestly, there are very few sectors, indexes, stocks, futures, etc. that will behave the way you want it during a bear. Only logical thinking contrarian investors like myself who go in on long dated puts will be able to trade through this market successfully.

My wise words of wisdom for those who want to listen and understand are this...get the f*ck out. You heard me. Tommorrow, I want you to close all of your long positions and go to cash. Wait patiently until the end of the year and then jump in on the recovery.

All of the gurus of ET are now gone and the only ones left are those who know what will happen next. I beg of you to listen although I know most wont.

Good luck to all and look at my chart...

well, looks like the market's actually gone higher --> OOPS

you are such a fucking idiot