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Strategies & Market Trends : Humble1 and Swing Trading Friends

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From: POKERSAM	6/30/2018 4:55:07 PM
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Fear is driving the market right now. This fear is evidenced and measured best by the fear and greed index. money.cnn.com As long as fear is in the driver seat the market will go down. The thing I love about this index is that it takes seven different sentiment indicators and assembles them into one index. Those sentiment indicators are a measure of actions taken not just polls of opinions. If you note the chart at the bottom of the site you will see that for 2018 you have the drop in [1] and then the bounce in [2]. You can even see the ending diagonal of (C) of [2] that I pointed out on the price chart. The trend of the index is now down. The market cannot act contrary to this index. This is an index of the sentiment that is driving the market. This index attempts to measure of the cause, market fluctuations are the result. It is a simple fact that greed rises with price. It is greed that drives price up and fear that drives price down. Greed manifests itself in buying and fear reveals itself in selling. For all of our vaunted sophistication the markets are still driven by fear and greed. Elliott Wave is based on the tenet that the market chart is a graph of the herd mood as it moves between fear and greed. R.N. Elliott observed that these swings in herd mood followed a certain pattern repeated over and over again in fractal fashion and that they were plotted on a graph that is a chart of the market. That is why Elliott Wave is without equal in the realm of market analysis systems. Advancements have been made in knowledge and application of the Elliott Wave Principal since the late 1930s. Statistical evidence for example has enhanced the forecasting ability of the system. I believe the S&P 500 to be the best representative of the market as a whole so that is the index I chart. Just a ramble as I enjoy the AC on a hot, hot Saturday afternoon.

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