bobby beara: I believe the evidence is more than just one day.
No offense was intended. Of course, there is always that one day when the Market did move off a bottom or create the bottom. Look at last Oct 8th. However, as you well know, on the way down to Oct 8 from the high in July, many changed their costumes more than once on that trip...<g>
Two days ago, I posted the negative breadth #'s and possibility of a capitulation bottom and posted that we had a five wave decline and we were probably at or close to a bottom.
Donald did the same, giving Class 1 buys.
Donald's expectations or very short-term. Of course, he does give his feel for the longer term, but his "guitar" is for days only. What day do you think the Market had a "capitulation" bottom?
With the level of bearish sentiment (number of sell signals from analysts) and the reversal today, their is a chance of another leg up even in the face of deteriorating internals. We could have a commodity style blow-off ahead of us, nobody knows
Well, I don't disagree with the possibility of another run up to new highs...heck, I got bullish formations on my charts! But, I do have divergence to those bull formations with my oscillators. I have always lost in the past when I went against my oscillators. Of course, there is always a first time for them to be wrong. Remember they are trend following, not forecasting!
I think the internals need to improve, as well...time will tell!
Bobby...I always respect your post, you do as much research as anyone on SI and you support your position with a mountain of TA. Sometimes we may just disagree...but I am not sure that this is one of those times...<g>
Bullish or Bearish can be a matter of one's time frame. This thread caters to all time frames, intraday, short, medium and long.
BWDIK
Regards,
LG |
