Vitas,
Thanks for the reply. As you're probably aware from my prior posts, I believe there are only two parallel prior periods we can study to help determine where we are in the grand scheme of things right now, those being '29 and '66. If you go back and check those periods, you'll find that where we are right now in this current downturn matches up with mid November '29, and Early September '66. These points in time will give you a snapshot of where the market and oscillators were at the respective completions of the 1st wave of A for each correction/bear market.
'29: decisionpoint.com
'66: decisionpoint.com
You'll note that the oscillator became greatly oversold at these points in time, with rallys following. Then prices went on to make new lows over the coming months/years. The tricky aspect of comparing the current corrective phase to those two prior ones is that we are running this correction at "break-neck" speed, completing the wave structures much quicker than they were completed in these prior supercycle corrective phases. That's good news for the longer term, as this bear market should only last 2 to 3 years, versus 13 to 16 years.
I'm keenly aware that Favors' timing is sometimes off by several days. But the fact is, he has been rated the #1 market timer in the country the past 5 years running, and when he smells trouble and high probability for a move significantly lower, the odds are definitely in your FAVOR if you position accordingly.
Regards,
David |
