Sharck Soup Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Sharck Soup

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Sharck who started this subject	3/28/2001 10:41:02 AM
From: besttrader	of 37746

From Prudentbear: As I have struggled to figure out the count on this wave and we have been doing all kinds of retracement figures, there has been nothing to retrace. Any of you that are familiar with Elliott Wave theory at all will realize right away how bearish this chart is. The Dow did the exact same thing and as you may see, we got almost exactly back to the highs of last Tuesday before close. The futures immediately imploded to the downside and the bond market is sending a signal that anyone with any sense knows there is a capital emergency in the United States right now, one like you would see in Brazil. I expect a crash immediately and we will see the worst of it in a few days. This will be seen as a retracement at first, but markets don't turn down immediately at close like this if something isn't going on. The public was being bilked out of their last free dollar today and the bull will die a brutal death in the next week. This one will close the markets. Maybe we get a rally after the downturn in the morning to conclude the last fraction of this retracement, but I consider it complete here and would sleep with my life savings short. The Dow moved in 3 literally equal moves up and that completes 5 waves of c. One look at this chart tells the same story. I don't know if you guys realize or not the downward force it takes to throw a c wave that far in the direction of the trend, but I would say that is probably a 4.23 times move. I have been searching for the subwaves that would make wave 3 complete and they just weren't there. I traded this type wave in 1998 and the moves were 25 or so S&P points and that market fell 350 points in an hour when it broke out of one. This one is 4 times as strong. I have the hand drawn chart to prove it. b.postmypic.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next