herringbone, thanks for that link, i just got time to listen to frenkly, and i can buy into some of his nas wave counts but there are a few other alternate counts also, but i think he's got a decent count going down from march, i made all my bullish comments yesterday based on the bottom on the first trading day of the year being a completed count from either july or sept, depending on how you count it, it is even more amazing that my count bottomed and the next day the fed lowers rates -g-
the problem with the count is the larger picture, is march wave three or wave 5.
if wave 5, we could have just ended wave 3 down from the top and now we will just have a consolidation wave 4 before another down leg five,
thats what has me bothered about csco's action today at it's neckline, so we have to wait and see, preferably for the bullish case it would have rallied above the neckline and turned it back into support.
another thing is the guy is only recommending tech stocks, and tech stocks are the dogs of 2000, nyse stocks are way outperforming tech stocks this year, still rydex ratios are showing even after the tech carnage this year investors are way overweighted tech stocks and expecting the next 98-99 blow-off to happen when the bottom comes,
at the bottom in march nyse a/d nobody wanted 'ole economy' stocks, but after this big drop in tech everybody wants to get in on the bottom, git my drift.
some times i become a stoopid loud mouth about the big picture elliot, but mostly that stuff is to hard to call and i pay more attention to wave counts on the 60 minute charts, the big picture counts are for bozos like prechter and cheif -lol- |
