We've seen this exact pattern over and over again in the past six months, each and every one of these patterns has resulted in a breakdown to new lows.
Is it different this time?
Here is a close-up with the False Bar Stochastic:
Next week will be interesting.
A
11 comments:
Hi Allan, I have been following your blog for a month or so(great work by the way). I also have used ADVGET for many years. I was interested to hear your thoughts on the MOB and elipse indicators. I seem to have success with the MOB but the elipse is kind of hit or miss.I tend to use the FBS or the storsi in its place. Do you have any thoughts or tricks to using the indicators?
Thanks, John
I'd be surprised if the market straight to a new from from here. That's a 5 wave rally off the low. Likely we'll do a 5-3-5 zig-zag, and then make a new low.
I'm watching the triangle in bonds. If that breaks to the upside in terms of yields, that could push stocks back down or end this 5 wave advance.
Alex
Looks like we could be about done with the 5 (A wave) of the 5-3-5 zigzag. Maybe a little more upside Mon but I would expect us to be into the 3 (B wave) by Tue at the latest if this count is correct.
False bar is flattening out.. Get your rally caps on!!
are we going up or going down ???
In other words, you don't have a clue of what is going to happen and are even unwilling to provide your best guess. That's fine. I wouldn't want to blemish my trach record either. Let's see what news comes out this week and see how the market reacts. I just hope people don't lose sight of this post -- you are not a Nostradamus like some here seem to think you are.
Thank you for your constructive and humbling comment. I am going out for my daily run now. When I return, I will watch the Detroit Red Wing game against Columbus and their most excellent goalie, Steve Mason. After which, I intend to write a new blog about what I expect this coming week. In the mean time, why don't you grow a pair and post under your real name and location along with your real email address, like I do. I'm proud of my work, as well as who I am and have no cause to hide under the skirt of anonymity.
Allan, waiting anxiously to your new blog, in the meantime, enjoy the hockey game !!!
I am not the same anonymous as the other guy !!!
from the leakers ...
What did everyone think of the Stewart-Cramer showdown? I sometimes watch Cramer's opening monologue but always stop there. I don't get anything out of his picks and even if I did it would still be hard to watch because I can't stand all the sound effects and buffoonery. I wonder if Stewart's "This isn't a f*cking game" line will have any effect on him. Doubtful, but at least we might have seen the last of the In Cramer We Trust ads.
I am also awaiting your view of this coming week. My guess, based simply on this past week, is that the market will be down.
Hi Allan,
I used your link to check out BWT. I liked what I found there and appreciate your endorsement. Thank you for sharing your experiences with like minded traders. Enjoy your Sunday evening, Joe/NYC
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