The name is reserved for future use, right now the current one fits better. I am 120 % or so into pm's and have been since the big low. I went full margin shortly there after and am staying there. I have a few NDX related calls.
Ski ... my EW premise is that every wavelet must be accounted for, over the short term and over the long term.
The ST for the NDX imo begins with the '02 bottom. I believe one has to go back to this point, at a minimum, and make every move since then count. The waves from that point must all add up to fit an acceptable EW sequence, which in turn must fit with the previous.
With that premise I do no see what you are driving at.
Additionally, one of the c's in one of these zigzags should imo show some decent extension. I believe it is this one. The first one was crappy for an impulse imo .... and furnishes apt evidence that this whole move off the bottom is corrective. I have been of that opinion for a long time.
Impulses as part of corrective waves should be different than those that are with trend. For those reasons I guess I am not with da chief here.
Additionally I might add I don't think the DOW and the SPX are doing what they need to be doing right here to fit into da chief's scenario. I don't piddle with those much at the moment, but in a longer term sense I might have both of those in 5th waves. The big corrections off the last tops were probably 4's. But I don't really know. If they are 5's the Dow may set a new high, but the SPX may truncate. The latter has a long ways to go to set a new high.
But ... I am open ... if I have to change I will.
Fundamentally I think a lot of trouble is brewing, and it may be related to commodities. My charts do not go back far enough for me to be certain. But it seems doubtful to me that the general markets and commodities can go fully counter one another. And if commodities get awful expensive it seems doubtful the general markets can keep on moving up. There are a more than a lot of bulls in the commodities arenas these days, too many imo. Energy for example looks to me like it has topped, and maybe for a long time. Maybe we will revert back to period of a lot of chop and slop. |
