Monday, June 01, 2009

They tried to make me go to bullish, I said, "No, no, no"

Who would ever have thought I would be apologizing to Amy Winehouse, but I am, because her signature song is just too appropriate:




This Weekly chart is getting old in the tooth, and the ellipse generated on the Advanced GET chart suggests prices are in a time and price area where a significant reversal is likely.

A

8 comments:

Anonymous said...

Your bear call sounds about right since I'm the best contrarian indicator I know of and I started looking to the upside today after 2 1/2 months of being a bear.

Anonymous said...

Allan,
I believe we are in the time frame of a top. There is Bradley TP for June 3rd. The question is do you think this will be the big decline or do we pullback and then go higher? I am looking for a short term delcine and then a move to 9500-9800 on the $INDU.

LB

Anonymous said...

She's lipsynching, and drunk. But otherwise it's a lousy song.

Nice chart and analysis.

Edwardo said...

That count has a big problem, maybe several, but here's the one I have in mind:

The 5 of 3 that made a low in early March is clearly a three wave affair. There is simply no way to make it five wave pattern, which means it can not be a five. I have seen this discussed countless times on other sites and the consensus is that that wave does not conform.

Anonymous said...

Why don't she have a wireless mic?

Budget Restraints?

PENN STATE Eric said...

Spent her budget money on crack.

Allan said...

Edwardo - I understand the problem with an orthodox five wave count on the weekly, but it can be seen on the dailies.

I cannot overemphasize this enough, I use EW wave structure to cherry-pick outstanding trading set-ups regardless of whether or not structure conforms perfectly to rules and/or guidelines.The "Wave 5" set-ups are very effective in any time frame.

Anonymous said...

sheeple123jump said........

I like the EW approach,and a few other indicators,along with a good dose of clear minded cynicism.....if I cant see with my own eyes, the .....absurd,(could be called comical,if it was funny) in your face manipulation,propaganda,deceipt and corruption of the entire financial market system that we are trying to play as a fair game...if I cant see this fairy tale they are creating , then there isnt an indicator or a formula in the world that can help me make a dollar playing this game. Ive been reading and studying so much now for so many hours a day,just to keep up.... cant remember which articles or where ,but the message I'm believing is that this 'bear market rally' is even worse than that, its a fake bear market rally,still being kept on government life support and about to be shocked forward again come june 6 or so,because the timing is so crucial to keep the dead cat bouncing here. and july is also critical...lets say july 7. very hard to play along with such a rigged game.
how long can They pull it off like this. ?