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Strategies & Market Trends : Elliott Wave and Index Trends with POKERSAM
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From: POKERSAM7/25/2023 10:31:17 AM
1 Recommendation

Recommended By
GROUND ZERO™

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We are at a time of bullish euphoria. The Fear and Greed Index is at Extreme Greed level of 83, It has been in the 80s for a couple of weeks now. We are above an 80% retrace of the decline from 4818 to 3491.
It is a great time for the Perma Bulls. When the markets have soared and are riding high, they always look great. Their targets have been hit and they seem to be infallible.
The fact the perma bulls totally missed the previous decline is completely forgotten. The fact they called for a trip to new ATHs at every dip on the way down is totally forgotten or considered irrelevant. The only thing that matters to the herd is who is right at the moment.
It is the same story every time there is a correction. There has never been a correction where the market failed to recover and go to new all-time highs.
The correction from 4818 is the same. The question is not whether or not the correction from 4818 will recover and go to new all-time highs or not. If history has taught us anything we can be assured, it absolutely will. The question is not will it but when will it.
If the market continues to rise from here to new all-time highs the Perma Bulls will continue to bask in the adoration of the fickle herd. However, should the advance from 3491 to the present prove to be a bear market rally and the market plunges again, as a few expect, the herd will quickly shift its opinion of the Perma Bulls.
Warren Buffett was ask what the market would do and he answered, "It will fluctuate".
History proves it to be true. It fluctuates between boom and bust with a relentless move higher in 5 steps forward and three steps back. So you can see that if you must be a Perma, be a perma bull. The markets advance 60% of the time and retreat 40% of the time. So, as a perma bull you will be right more often than wrong.
The herd is a fickle fan of perma bulls and perma bears. As the market fluctuates the Permas drift in and out of favor. The only thing that does not fluctuate is the Permas. It is interesting to watch.

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