INDEX UPDATE
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I hear so much about PLONK, now I have to express my concerns.
Technical analyst, as myself, use historical technical data to help recongize patterns. Wave analysis is definitely part of that.
No matter how good the person is at interpreting such data, there is always a rate of failure.
I am sensing that many are putting alot on what PLONK is saying and that scares me. Over the past months I also have been advised that many have followed my trades, and that also scares me.
I try to explain my position as clear as possible and answer as many questions as possible, so everyone can understand my train of thought and logic and hopefully help some understand technical analysis a bit better. I am not bothered by those who ask me why or how, but I do get concerned when those who just ask me what are my plays and just follow them without an understanding. Frankly, that is tough on me and not the way to learn technical analysis.
How many of you really understand WAVE ANALYSIS? Or are you just following PLONK blindly, and just going on his recommendations. How many of you understand the various waves and their sub-cycles and understand how difficult it is to interpret wave patterns.
I am also am getting the feeling that many are playing the big bang as he is projecting. That is also dangerous, since one may be putting too much on the line.
OK, I do know something about wave analysis and have been in the process of incorporating it with my system. PLONK is very good at his analysis and I have learned alot from his interpretations of the various sub-cycles. He is clear with his explainations, but can the majority on this thread say that also with a clear understanding. I am not hearing any discussion here as to why he thought such was the end of a certain wave, but only - what is he projecting.
Please DO YOUR HOMEWORK!!!!!!!!!
Here is my quick analysis of his projections. His timing on the waves is very accurate, within a 1 day error factor - that is great. He was able to pick the end of wave 5 accurately where many would have not. I was unable to, per my wave analysis. As for his projection for a huge pullback to 8150 range by next Thursday, specifically my wave analysis is saying that there is a chance that he may miss it by one sub-wave, but it is also indicating a very strong drop. Per my technical analysis(other than the wave analysis), I am not seeing any strong indication that such a strong pullback will happen that fast but is very possible in the near future. I am still very new to wave analysis and need to learn alot.
PLONK could be totally correct, and I did not want to turn this post into one which argues his position. But I want to bring out the point - whether one can say that they understand what the chances are.
Seeya |
