On Aug 21 I was criticized on ihub for thinking that P&F doesn't work. This was based on two posts that I made, one bullish case and the other a bearish case.
Bullish
Message 17901372
Bearish
Message 17901452
P&F is still my main TA foundation, but I have found it necessary to question bullish indications when I see them. I tried to be objective in my bullish and bearish cases, but as this thread knows, I never bought into that rally being anything but temporary. I think I went long on NVDA calls on the 22nd, but I still had long puts on the SPX and NDX. I ditched the NVDA calls the very next morning BTW.
This was the day when I was laughed at for not buying into the bullish readings on the Bullish percentages.
stockcharts.com[r,a]dhcaynay[pb50!b200!b30!b20][iub14!ll14!lh5,5!li14,3!lp14,3,3][J6976123,Y]&listNum=1
If I recall correctly, Q007's BPs showed very high readings around this time. This is a good example of changing one's methods to fit a new environment. He was showing topping in the market based on his BP before traditional P&F BPs reflected the true situation. Natural selection is favoring Q007s methods and many of the others on this and previous sister threads.
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