Two questions for the experts:
If today's top marked a top of significance, then that implies that we're starting our B down (calling this an ABC starting after Sept 21.). But Allan, you're thinking this upmove has one more leg left in it, I know. Umm. . . why? Or more to the point, what will determine the truth of that scenario. Seems to me that there's a few likely points where the market behavior will tell us -- 1793 Naz or the top or bottom of that last gap, if we get that far.
The second question follows the first, but is more short term oriented. From the top today, what pattern have we formed? I can sorta see this as a 5 wave move, with us now perhaps starting the 4 of 5 up. Or is this whole move down just an A of an ABC? See. . . this is what I was saying when I said "I still need to learn."
You guys have really been calling the market well in the shorter time frames, but I must say that I'm trying to figure out if this is the start of a bigger down (as in, buy some December puts on the Dow, perhaps), or just a blip. I know we're all trying to figure that. . . but I'm trying to take a step away from the wiggles, too, to see that bigger pictue. So far, I'm failing <g>
Clarity, they name isn't Freep. |
