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Strategies & Market Trends : Classic TA Workplace
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To: JRI who wrote (5463)6/20/2001 2:14:28 PM
From: oldirtybastard  Read Replies (2) of 209892
 
the thing is, the last headfake will not look like a headfake any more than the others, and the way you are thinking is the way many others are. I guess it's hard for me to be objective since I usually lean the ooposite way of consensus and not just at turning points. Think about how many people want to short the bejesus out of the next rally, now why should they get a chance? It's too easy, just like buying calls yesterday and today, so either the next rally has to blow their doors off(meaning higher than 2200 or whatever), or it has to start from lower levels. Maybe I'm wrong about thinking about trading in terms of too easy or too hard, because it's a lot easier for me to go long than for someone who bought the dip 7 days ago and is sitting around chewing his fingernails off waiting for someone to buy his stock for more than he paid. Sorry for the non E-Wave thinking, but this crap goes through everyone's head so I try to focus on it and maybe give it too much weight.

I guess I agree with you about another rally and more bad calls and second guessing, I just have a hard time seeing the rally start here at the trendline, but agree if it did start here it would have to blow through your 2328 and get all on board and excited once again. Who knows what happens since the TA should be a derivative of the underlying action, but IMHO it has increasingly become a feedback loop since everyone and their mother uses TA now to price stocks when all else fails (as it has).
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